Bitcoin and Ether Rally Fueled by New Long Positions in Perpetual Futures, CryptoQuant Says

Recent gains in Bitcoin and Ethereum were driven primarily by new long positions in perpetual futures rather than short liquidations, according to analytics firm CryptoQuant.

Bitcoin climbed about 4%, while Ether advanced roughly 6% within 24 hours following Donald Trump announcing a two-week ceasefire between the United States and Iran, marking the strongest single-day price move in more than a month and reversing a recent bearish trend.

Open Interest Surge Signals Fresh Bullish Positioning

Julio Moreno reported that open interest in Bitcoin perpetual futures increased by $2.1 billion, while Ether perpetual futures rose by $2.2 billion within the same 24-hour period. Dollar denominated open interest for both assets reached levels not seen in nearly a month, indicating strong market participation.

Positive US Demand and Key Bitcoin Price Levels

Demand from US investors also strengthened, with the Coinbase Premium Index turning positive for both Bitcoin and Ether after remaining negative for several weeks.

CryptoQuant noted that Bitcoin has moved above the traders’ lower realized price level near $69,400, which had acted as resistance. If the ceasefire holds and market conditions remain stable, the next key target is the traders’ realized price near $79,000, historically viewed as a major resistance level tied to broader market recovery.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.