Bitcoin traders have set a new record for BTC futures positions, with open interest surpassing $37.7 billion.
This eclipsed a previous peak of just under $37 billion in mid-March when bitcoin recorded fresh highs of $73,700.Over $5 billion in open interest has been added since Monday, Coinglass data shows, while BTC prices have risen from the $68,500 level to $71,000 in the period. Of the $37.7 billion, traditional finance powerhouse Chicago Mercantile Exchange holds the highest bets at $11 billion, followed by crypto exchange Binance at $8 billion.
As such, several traders expect bitcoin to rise further in the coming weeks, citing growing risk appetite and favorable regulatory expectations.
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