CME’s Open Interest Suggests a Bitcoin Price Jump is Imminent
Looking at the current Bitcoin price momentum, some cautious optimism appears to be warranted. Open interest on CME’s Bitcoin options seems to confirm as much, although no immediate push to $10,000 should be expected.
Many people would like to see the value of Bitcoin hit five digits once again.
Are Things Looking up for Bitcoin?
When that happens, the world’s leading cryptocurrency may slowly begin moving to a new all-time high.
If and when such a scenario will unfold exactly, remains to be determined.
One factor that might give speculators some hope is the current open interest on CME’s Bitcoin options.
That figure has reached an all-time high of $259 million, or an increase by nearly 1,900% since May 1st.
This seems to confirm that institutional investors seeking exposure to Bitcoin are making a lot of money as of right now.
A higher open interest can also be interpreted as more interest in the Bitcoin options product itself, and by extension, Bitcoin.
All of this seems to confirm that a new price push isn’t as unlikely as some may think.
Reaching a new all-time high, however, will require a lot of effort.
For now, that seems an unlikely scenario, but things can always change in a heartbeat.
Image(s): Shutterstock.com
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JP Buntinx, Khareem Sudlow