Bitcoin Open Interest Surges by $840M in 24 Hours

Strong start for 2024 as BTC gains momentum, hitting 52-week highs at $45K. $840M added to open interest, but $73.3M shorts liquidated in the past 24 hours.

Written By:
Ronak Kumar

Last updated: January 2, 2024 3:37 PM

Published January 2, 2024 3:37 PM

Last updated: January 2, 2024 3:37 PM

Published January 2, 2024 3:37 PM

The bitcoin experienced a surge, with $840 million added to its open interest in the last 24 hours, signaling heightened investor interest and the potential for further gains, according to Arkham

$840M Added to BTC Open Interest in the Past 24 Hours

The first trading day of 2024 is off to a strong start – with $73.3M of BTC short-side liquidations over the past 24h.

This coincides with Bitcoin breaching $45K last night – reaching new 52-week highs.

Welcome to 2024! pic.twitter.com/aHppNK8Kew
— Arkham (@ArkhamIntel) January 2, 2024

A short squeeze saw $73.3 million in Bitcoin short positions liquidated as traders who bet on a price decline were forced to buy back at higher prices, adding fuel to the rally.

Breaking through the $45,000 mark, Bitcoin hit a new 52-week high, marking a significant milestone since January 2023 and indicating robust bullish momentum.

This surge is attributed to growing investor interest, with major economic factors like rising prices and potential rule changes fueling positive momentum.

Investor focuses on the possible approval of a spot bitcoin ETF by the U.S. Securities and Exchange Commission, expected in early January.

This move could open the Bitcoin market to millions more investors. Additionally, optimism surrounds potential interest rate cuts by major central banks in 2024, boosting confidence in cryptocurrencies.