Bitcoin Futures Open Interest Hits New ATH Amid Historic Spot ETF Inflows

Bitcoin futures open interest surged to an all-time high of $33.9 billion on March 13, signaling a bullish sentiment among investors as the cryptocurrency reached a new ATH of $73,637. This milestone marked a significant increase from the previous peak of $23 billion recorded during the bull cycle top in November 2021. Funding rates across major exchanges like Binance also reached their highest point since early last year, prompting caution from analysts at SoSo Value.

Despite the potential risks of a market pullback, Bitcoin ETFs saw record single-day net inflows, with spot BTC ETF data showing over $1 billion in cumulative net inflows from nine issuers on March 12. BlackRock’s iShares BTC ETF (IBIT) led the pack with $848 million in net inflows, while Grayscale’s GBTC witnessed less than $80 million in net outflows.

MicroStrategy executive chairman Michael Saylor reiterated his bullish stance on Bitcoin, calling it the ultimate digital currency and property. Saylor’s long-term strategy involves continuously buying more Bitcoin without any intention to sell, as he predicts that a significant portion of the world’s $900 trillion wealth will eventually flow into BTC. MicroStrategy, one of the largest BTC holders with a stack of 205,000 Bitcoins worth over $15 billion, has seen its stock grow by 157% year-to-date, outperforming the S&P 500 index.

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