Open Interest in CME’s Bitcoin Futures Sets Record at $830 Million and Highlights Upward Trend

 

The Bitcoin (BTC) price has been in a fairly strong uptrend since mid-March when the price recovered from the massive collapse that saw the price fall to USD 3,600 on some exchanges.

Regardless of whether one is tracking the price on a 3-hour chart or the weekly time frame, the price has been rising steadily, culminating in a UDS 12,100 test on August 2nd.

Technically, there has not been a lower minimum since the 50% collapse of 2 days that saw the price test below USD 4,000.

 

Sometimes it is difficult to recognize longer-term movements as the human mind pays more attention to recent or traumatic events.

Some traders may have interpreted the agonizing 87 days it took to finally break the resistance of UDS 10,000 as a negative experience, considering it a bear market.

Traders who have focused on altcoins will celebrate the current ‚alternative season‘ regardless of the overall performance of the crypto

markets and there is nothing wrong with that either. The only potential drawback is that when major traders turn bearish, the trends of Bitcoin and Ether (ETH) are reversed, causing prices in alternative currencies to decline exponentially.

Billion Dollars liquidated while Bitcoin price falls $1,400 in minutes
Top traders cut back on long positions but remain optimistic
By observing the data provided by the exchanges that highlight the net long to short positioning of the traders, it can be determined whether the professionals are leaning upwards or downwards.

Although there are discrepancies in methodologies, changes in this index provide a sufficiently clear picture of the net exposure of major traders.

Binance and OKEx data remained relatively neutral until July 26, and since then, large traders have had a net long-term exposure. Not even the sharp drop in Crypto Cash prices of UDS 1,500 on August 2 could undermine the optimism of these traders.

Derivatives indicators from Bitcoin futures and options trading also remained strongly bullish despite the U.S. $1 billion settlement on Sunday, according to Cointelegraph.