Bitcoin futures open interest has reached a new record, signaling high trader activity and leveraged speculation.
On May 23, open interest topped $80 billion, up 30% since early May, according to CoinGlass. This shows many traders are betting on Bitcoin’s price to rise to new all-time highs.
Open interest measures the total number of active futures contracts, reflecting how much market speculation is happening. When open interest rises sharply, it means many traders hold large positions using borrowed money.
This can increase risk because if Bitcoin’s price moves down unexpectedly, leveraged traders may face forced liquidations, causing sudden selling pressure and price drops.
Despite this risk, analysts note that inflows into Bitcoin spot ETFs—over $2.5 billion this week—might help stabilize the market by balancing some of the leverage.
Bitcoin options markets also show heavy activity, with open interest exceeding $1.5 billion at strike prices between $110,000 and $120,000 on Deribit.
Additional large open interest exists at $115,000, $125,000, and $130,000 strike prices. About $2.76 billion in contracts are set to expire on May 23, with the max pain price around $103,000, where most option losses will occur.
Meanwhile, Bitcoin’s price slipped briefly below $111,000 on May 23, after reaching an all-time high of $112,000 on May 22. Since early 2025, Bitcoin has gained nearly 20%, and about 50% since its drop to $75,000 in early April following tariff announcements by U.S. President Donald Trump.
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