Bitcoin and Ethereum have seen a significant surge in open interest, with each cryptocurrency's futures contracts increasing by over $2 billion in the past 24 hours. This rise, reported by blockchain analytics firm CryptoQuant, brings dollar-denominated open interest to its highest levels in weeks.
Data from CoinGlass indicates Bitcoin's open interest is at a two-month high, while Ethereum's is at a three-week high. Analysts attribute this synchronized increase to traders anticipating improved macroeconomic conditions and a broader recovery in risk sentiment. The uptick is driven by traders opening new long positions, rather than short liquidations.
Both Bitcoin and Ethereum prices have risen more than 7% in the last week. CryptoQuant also noted a positive Coinbase Premium Index for both assets, suggesting renewed demand from U.S. investors. This trend could continue if geopolitical stability persists.