Bitcoin contract open interest hits an all-time high, will $110,000 be far away?

Institutional Leverage and Liquidation Risk: Accumulation

Bitcoin Futures Total Open Interest (USD). Source: CoinGlass

On May 20, 2025, the total open interest in Bitcoin futures reached an all-time high of $72 billion, up 8% from $66.6 billion a week earlier. This data not only set a new record in the crypto derivatives market, but also revealed the strong confidence of institutional investors in BTC. In terms of position distribution, the Chicago Mercantile Exchange (CME) dominated with $16.9 billion in contract volume, followed by Binance with $12 billion, showing the joint efforts of traditional finance and crypto-native platforms. This phenomenon echoes the market pattern of 2021, when MicroStrategy bought bitcoin aggressively, but the depth and breadth of institutional participation is no longer the same - the number of bitcoins held by the listed company MicroStrategy alone has reached 576,000, with a market capitalization of more than $60 billion.

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