Bitcoin's price has surged by 10% in the past week, reaching levels not seen since July, according to Coinalyze data. This price increase has shifted market sentiment from bearish to bullish and attracted a significant number of traders. The surge in Bitcoin's price is reflected in the growth of Bitcoin futures' open interest, which has risen by $1.5 billion over the same period.
The growth in open interest often indicates a capital inflow and an increase in investor interest, which can lead to further price jumps. Currently, Bitcoin's open interest stands at $9.77 billion, with its price above $30,000.
Despite facing regulatory challenges, Binance continues to hold the largest share of global Bitcoin open interest. The exchange accounts for $3.2 billion or 30% of the total open interest.
The recent surge in Bitcoin's price is primarily driven by speculation about the upcoming approval of the first spot Bitcoin ETF in the United States. This potential development has contributed to the heightened investor interest and bullish market sentiment observed today.
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