Bitcoin Open Interest Jumps to 22-Month High as Social Volume Soars

Bitcoin Open Interest has soared to a 22-month high, coinciding with latest recovery push that has triggered a price surge above the $47,000 mark.

The Bitcoin ecosystem is bullish at this time with multiple metrics indicating the possibility of a trend change. According to insights from CryptoQuant Community Manager, Maartunn, the Bitcoin Open Interest has soared to $12,072,000,000 ($12 billion), its highest level in a year and 10 months.

Bitcoin: Open Interest hits an 22-months high. The value is $12,072,000,000. pic.twitter.com/aPrGZcDq9Q

— Maartunn (@JA_Maartun) February 9, 2024

The Open Interest is a bullish sign that suggests investor’s perception of what the future holds for Bitcoin price. The recent spike in Bitcoin Open Interest suggests increased interest and demand for the token.

Bitcoin Social Volume is Complementary

The Open Interest boom is complemented by the rise in social volume, according data presented by Santiment. The crypto analytics platform pegged Bitcoin’s social volume change at 10.19% over 24 hours.

📈 #Crypto markets are recovering well after the post-#ETF drop 4 weeks ago. #Bitcoin, in particular, has completed its comeback, reaching $46.3K for the first time since January 11th. $BTC social volume is rising, while the crowd shows less interest in $ETH, $DOGE, and $XMR. pic.twitter.com/rcaxdBwCfX

— Santiment (@santimentfeed) February 9, 2024

This period is best appreciated when compared with other major tokens profiled by the analytics platform. Ethereum’s social volume has dropped 23.97% while Monero (XMR) and Dogecoin (DOGE) and Immutable have also recorded declining social activity.

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Bitcoin is garnering more publicity, as trading dynamics in the spot Bitcoin Exchange Traded Fund (ETF) market in the United States shift sentiments in an unprecedented manner.

As investors gradually embrace the new product, the impact is gradually felt in the price of Bitcoin, which, at the moment, is up 4% in 24 hours to $46,963. The token had rallied to a high of $47,697 earlier today, but faced a mild correction. 

Pre-Halving Rally In?

Before now, many analysts had predicted a Pre-halving rally that might send the price of Bitcoin close to its previous all-time high. Analysts like Rekt Capital believe this rally is the start of a major one ahead.

With different metrics impacting the price of Bitcoin, the projections that the coin will soar above $69,000 are nursed by many analysts, including Arthur Hayes, BitMEX’s former CEO.