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Bitcoin: How whales are helping BTC stay above $70K

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CME accounted for more than 30% of all investments made into Bitcoin derivatives.

Bitcoin: How whales are helping BTC stay above $70K

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  • CME’s OI in Bitcoin Futures has more than doubled since the year began.
  • A higher percentage of whales’ positions were long on Bitcoin.

After wiggling around previous peaks during the weekend, Bitcoin [BTC] made a decisive move past $70k to record what could be the first of many new highs it would encounter in the coming months.

At press time, the prized digital asset was trading at $72k with gains of nearly 4% in the last 24 hours, according to CoinMarketCap.

The rally continued to build on robust and rapidly growing institutional interest in cryptos.

Open Interest on CME breaks $10 billion

According to AMBCrypto’s examination of Coinglass’ data, the Open Interest (OI) on the world’s largest Bitcoin futures exchange, CME, rose 3.89% in the last 24 hours to top $10 billion for the very first time.

The OI has more than doubled since the beginning of 2024.

Bitcoin CME Open Interest

Source: Coinglass

For the uninitiated, CME’s standard Futures contract is worth five BTCs and is regarded as a barometer of institutional interest in cryptocurrencies.

As of this writing, it accounted for more than 30% of all investments made into Bitcoin derivatives, with Binance coming in second at 22%.

Spot ETFs hog the limelight

The high degree of speculative interest comes as institutional investors gain easier access to Bitcoin through the recently launched spot ETFs.

According to AMBCrypto’s analysis of SoSo Value’s data, the new ETFs have witnessed a cumulative trading volume of $7.69 billion since their listing.

Moreover, nearly $9.59 billion worth of Bitcoins were backing these ETFs as of the 8th of March.

Whales increase Bitcoin exposure

Growing institutional interest was also evident in the steady increase in whale holdings.

As per AMBCrypto’s examination of Glassnode’s data, entities holding at least 1k coins grew by 6% year-to-date (YTD). The increased accumulation has helped pump Bitcoin’s price.

Bitcoin whales

Source: Glassnode


Read Bitcoin’s [BTC] Price Prediction 2024-25


Additionally, around 60% of all whale positions on Binance were long at press time, as per data fetched from Hyblock Capital.

This implied that most institutional investors believed that Bitcoin’s spot price would rise further in the coming days.

Bitcoin whales long positions

Source: Hyblock Capital

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Aniket Verma works as a journalist at AMBCrypto. Contrary to most who are primarily interested in merely tracking price movements of cryptos, his focus is on examining the niche intersection between cryptocurrencies and traditional finance. A so-so Bitcoin maximalist, Aniket has a strong disdain for memecoins and the unfounded frenzy they seem to generate every market season. Coming from a strong engineering background, Aniket previously worked as a Content Manager for TV9 Network. Before his stint over there, he was an Associate Multimedia News Producer at Reuters.
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