First Mover Americas: Bitcoin Futures Positions Top Record $37B as Analysts Predict Bitcoin Surge to $83K

This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

Latest Prices

Top Stories

Bitcoin traders set a record for futures positions, with open interest surpassing $37.7 billion. The previous record of just under $37 billion was set in March, when bitcoin hit an all-time high of over $73,000. The jump comes a day after spot bitcoin ETFs extended their net inflows streak to 18 days, also a record. The long-short ratio in BTC futures surpassed 1, meaning there are more positions betting on the price rising than declining. BTC is currently priced at around $71,340, an increase of 0.5% in the last 24 hours. The CoinDesk 20 Index (CD20), has dipped by around 0.2%.

Bitcoin could be primed for a surge to $83,000, according to analysis by 10x Research. The breakout is contingent on BTC moving above $72,000 to complete an inverted head-and-shoulders pattern in which an asset experiences three price troughs with the middle one being the deepest. This pattern suggests it is "only a matter of time" before the BTC price reaches a new high, 10x founder Markus Thielen said. A breakout above $72,000, a mere 1% climb above its current price of around $71,300, may hinge on U.S. nonfarm payrolls data, scheduled for release at 08:30 ET. Weak data may strengthen the case for Fed interest-rate cuts, adding to upward momentum in risk assets, including cryptocurrencies.

Health-care company Semler Scientific, which has previously extended its corporate strategy to buying bitcoin, said on Thursday it is purchasing $17 million worth of BTC and preparing to raise $150 million so it can buy more. The company's 828 bitcoin were acquired for $57 million and are now worth $59 million, according to market data from CoinDesk Indices. Collectively, publicly listed companies hold 308,442 BTC worth approximately $21.8 billion on their balance sheets, according to bitcointreasuries.net. Semler's announcement in late May that it was purchasing $40 million in bitcoin sent its stock up 25%. SMLR shares have risen just over 3% in pre-market trading.

Chart of the Day

• The chart shows the best-fit line between the weekly percentage change in bitcoin's price and the money flow indicator. The latter represents inflows through spot ETFs, stablecoins and futures.
• The analysis shows a positive correlation coefficient of 0.60 between the two since the ETFs began trading in mid-January and a coefficient of determination (r2) of 0.36.
• The r2 of 0.36 indicates that inflows through ETFs and other instruments only have moderate influence on bitcoin's price.
• Source - 10x Research

- Omkar Godbole

Trending Posts

• RoaringKitty a GameStop Billionaire by Friday? Crypto Traders Are Placing 50% Odds
• Former Federal Prosecutors, Agents Ask U.S. Sec. Blinken to ‘Step Up’ Efforts to Secure Detained Binance Exec’s Release
• Bitcoin Mining Stocks Soar Amid Takeover Frenzy