Bitcoin aims for new highs as BTC futures activity highlights a paradigm shift in the cryptocurrency market . The price of Bitcoin rallied above $109,000, reaching $109,730 for the first time since June 12 . This recovery occurred as the global money supply (M2) reached a new all-time high, surpassing $55 trillion .
Bitcoin's recent price jump to $109,500 from $105,200 was outlined by a sharp rise in derivatives activity, pointing to renewed momentum . Open interest (OI) across major futures exchanges surged by 10%, or approximately $3.2 billion, signaling a substantial influx of capital into the market . The increase was primarily driven by long positions, suggesting confidence in further upside .
Despite the uptick in price and OI, funding rates remained stable across perpetual futures markets . This indicates a balanced sentiment between long and short traders, and more importantly, that the rally was not driven by excessive leverage . From a bullish standpoint, stable funding during a price increase implies that the uptrend may be more sustainable .
A notable short squeeze accompanied the move, with over $196 million in short positions liquidated within the past 12 hours . This liquidation cascade likely accelerated Bitcoin's push past key resistance levels . Further validating the buy-side strength, the Bitcoin Coinbase Premium Index stayed elevated .
Standard Chartered expects Bitcoin to print new highs of $135,000 by the end of the third quarter and then break $200,000 by the end of the year . The bank's digital asset research head, Geoff Kendrick, said that thanks to increased investor flows, BTC has moved beyond the previous dynamic whereby prices fell 18 months after a 'halving' cycle . The latest report reinforces Standard Chartered's bullishness on Bitcoin, with the bank expecting it to hit $500,000 a coin by 2028 .
Bitcoin hit a new all-time high as the world's most popular cryptocurrency reached price levels not seen since President Donald Trump's inauguration .
Reece Hobson, crypto analyst at eToro Australia, called the Bitcoin price topping US$110,000 "a significant milestone", adding that the surge to a new all-time high "stems from multiple catalysts" . Among those catalysts is the big increase in money flowing into Bitcoin exchange-traded funds (ETFs) . According to Hobson, institutional inflows, particularly through US spot bitcoin ETFs, have pumped US$2.8 billion into the market in May alone, with total ETF assets exceeding US$122 billion .
Bitcoin hit a new all-time high of $112K last week, the first since December 2024, before pulling back slightly as traders locked in profits .