While all eyes on the Bitcoin and cryptocurrency markets are on the Non-Farm Employment data coming from the USA today, ETF inflows in Bitcoin are breaking new records.
In addition to the ETF records, another record came for Bitcoin. Accordingly, Bitcoin open positions peaked at $37 billion and a new record was broken in BTC futures positions.
Back-to-back records for Bitcoin indicate positive market sentiment and expectations that BTC will reach all-time highs in the coming weeks.
According to Coinglass data, more than $ 5 billion open position has been added in Bitcoin since Monday, while the BTC price increased from $ 68,500 to $ 71,000 during this period.
While the traditional finance giant Chicago Mercantile Exchange (CME) held $11 billion in an open position of $37.7 billion, CME was followed by the leading cryptocurrency exchange Binance with $8 billion.
Looking at the ratio of Long-Short positions, data shows that the ratio increased from 0.94 on Thursday to over 1 on Friday.
Accordingly, a ratio above 1 means that long positions outnumber short positions, indicating that market sentiment towards Bitcoin is positive. Conversely, a ratio below 1 indicates that there is a lot of negative sentiment towards Bitcoin.
While many analysts expect BTC to rise further in the coming weeks, according to this rate, Ruslan Lienka, senior manager of the cryptocurrency exchange YouHodler, stated that new ATHs may be seen in BTC.
Speaking to Coindesk, Ruslan Lienka said:
“Bitcoin may surpass the resistance level in the $71,000-$73,000 region and renew all-time highs in the coming weeks, driven by optimism in financial markets.
Such a positive sentiment stems from expectations of interest rate cuts in the US and Europe, which encourage capital flows into risky assets.
Additionally, increased trading activity in meme stocks and undervalued stocks such as GameStop indicates increased risk appetite for risky assets.”
*This is not investment advice.