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09th Apr 2021
Dalmas Ngetich, for CryptoAltum News Team

Bitcoin Traders are HODLing; Open Interest Climb Above $20 Billion

Michael Saylor of MicroStrategy insists that Bitcoin is the strongest asset in the world right now. He tags atweetthat shows an influx of institutional money and determined holders to explain his point. As of Apr 8, there were over $23 billion in open interest—that is, open positions, spread across several derivatives exchanges. Meanwhile, after a temporary dip of Apr 6, BTC/USD prices are back above $57.5k and could reach $60k this weekend.


Bitcoin's intrinsic properties like its baked-in deflationary feature and development of complex derivatives markets could see billions, even trillions of dollars earning zero yields in traditional circles, flow to Bitcoin. This migration alone is "powerful" and could see prices expand to new levels. Notably, with the expansion of BTC and crypto prices in recent days, the Bitcoin marketcan allow investorscurrently earning zero yields to gain on average 25 percent. All this when investors remain market neutral—that is, just from HODLing their assets without exposure to leveraged crypto products. 

Impact on the BTC Price:

Bullish. Analysts are confident the U.S. SEC will approve a Bitcoin Exchange-Traded Fund (ETF), years after dashing investors' hopes. The growth and expansion of BTC derivatives markets will only serve to pump BTC/USD prices higher. Here, the coin will draw more capital from fixed-income markets earning near-zero yields to crypto and Bitcoin that added one million percent in the last decade.

More market news over on ourBlog

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