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📈 #Bitcoin $BTC Futures Contracts Open Interest just reached a 16-month high of $2,816,492,332.03 on #Bybit advertisement Previous 16-month high of $2,815,891,040.41 was observed on 14 August 2023 View metric:https://t.co/fFm13ZhEJc pic.twitter.com/7jLU0CED5f — glassnode alerts (@glassnodealerts) August 16, 2023 Recommended Articles Crypto Presale Projects For 2023 To Invest; Updated List Must Read Best Crypto Trading Bots List 2023 Must Read Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated] Must Read Crypto Telegram Channels List 2023 [Updated] M...

Bitcoin margin and futures markets display strength as institutional appetite surges after multiple spot ETF requests. After a failed rally above $31,000 on June 23, Bitcoin (BTC) has sustained the $30,300 resistance for the past three days. Curiously, this happened while gold reached its lowest level in three months, trading at $1,910 on June 22, down from a $2,050 peak in early May. Investors now question how solid Bitcoin’s $30,000 support is. So analyzing what caused the recent price rally is essential to understanding how traders are positioned on BTC margin and futures markets. Why did BTC price break above $30,000?  Some analysts attribute Bitcoin’s recent 21.5% gains in 11 days to BlackRock’s spot Bitcoin exchange-traded fund (ETF) filing. But other events might have fueled the cryptocurrency gains. For instance, on June 26, HSBC Bank in Hong Kong reportedly introduced its first local cryptocurrency services using three listed crypto ETFs. Moreover, the ProShares Bitcoin Strat...