Bitcoin Rockets To Monthly Highs As Open Interest Explodes By Over $3 Billion

Christian Encila

Last Updated: April 23, 2025 7:00 am

2 mins read

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Bitcoin rose to $89,292 today, its highest since April 2, as traders injected funds into cryptocurrency markets. The top-ranked cryptocurrency rose 3.0% in 24 hours amid increased market activity, based on the latest market figures.

Market Observers Notice Fundamental Shift In Bitcoin Activity

CryptoQuant’s trading data reveals Bitcoin’s price increase coincided with an enormous $3.1 billion rise in open interest within one day.

The sudden increase indicates a large number of traders are taking significant positions in the future price increases of Bitcoin. Open interest refers to the value of outstanding unsettled futures contracts on the market.

The reversal follows a downward streak earlier this month as open interest declined from $29 billion to about $24 billion between March 22 and April 10.

But the trend switched abruptly after April 10, with open interest rising consistently to hit $30 billion on April 21 – the highest level since early February.

Options Trading Volume Soars By More Than 300%

Bitcoin’s options market also experienced even more sensational changes. Options market volume surged by 347% to $3.57 billion. Meanwhile, options open interest increased by 3.80% to $32.30 billion.

These figures indicate traders either hedging their positions or betting on larger price fluctuations in the future. The long to short position ratio now is 1.06, indicating somewhat more traders are bullish than bearish.

Bitcoin price breaks past the $89k level. Source: Coingecko

Whale Investors Continue Steady Accumulation

Behind the day-to-day market action, bigger investors referred to as “whales” have been quietly accumulating more Bitcoin. Based on figures from CryptoQuant, whale balances increased from 3.38 million BTC on January 1 to 3.50 million BTC as of April 20.

Though the 30-day high of 3.50 million BTC was reached, the increase in whale holdings in the last month was only 0.62%. This consistent accumulation by large investors indicates that some big investors still have faith in the long-term prospects of Bitcoin despite short-term fluctuations in prices.

BTC market cap currently at $1.79 trillion. Chart: TradingView

Price Recovery Indicates Market Resilience

The surge to more than $89,000 is a good omen for Bitcoin after it had remained at around $84,400 the day before. The 3.60% weekly price increase indicates a possible return of buying pressure.

Market analysts explain that growth in open interest amid a price rise trend is generally seen as bullish. When money enters the market while prices are rising, it tends to signal increasingly high confidence on the part of traders.

But the rapid growth in speculating with borrowed money also increases the potential for steeper price fluctuations in the future.

If sentiment in the markets changes rapidly, heavily leveraged positions have the potential to create a waterfall of forced buying or selling, potentially magnifying future price changes in either direction.

Featured image from Unsplash, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.