#BTC未平仓合约量创新高# Recently, in the crypto assets market, institutional investors have shown high enthusiasm for Bitcoin. On May 20, 2025, the total open interest for Bitcoin futures reached 72 billion USD, the highest in history, which is an 8% rise compared to a week ago. Traditional finance platforms like the Chicago Mercantile Exchange have an open interest of 16.9 billion USD, ranking first;

As a native platform for Crypto Assets, BN has open interest of 12 billion USD, closely following behind. This indicates that institutions from both TradFi and the crypto space are actively participating.
CME's futures contracts represent 5 Bitcoins each, which is approximately $514,000. This design filters out retail investors, so the changes in open interest here can better reflect the true thoughts of institutions. Currently, CME's open interest has decreased by 13% compared to the peak in January, but the Bitcoin price has only fallen by 5.8%. This indicates that institutions may be quietly buying in when the price drops, preparing for the subsequent rise.
2. Key price ranges carry risks, and short positions may be subject to forced liquidation.
Currently, the market is most focused on the price range of $107,000 to $108,000, where there is $1.2 billion in short Holdings. Once the Bitcoin price breaks through this range, these shorts will be forced to liquidate, potentially triggering a chain reaction. This situation is similar to when Bitcoin rose to $69,000 in 2021, when the influx of funds from short liquidations led to a 35% rise in price within two months.
From a macroeconomic perspective, the yield on the 20-year U.S. Treasury bond has remained at a high of 5%. There are concerns about the U.S. government's debt issues, and the Federal Reserve may need to intervene to maintain stability in the Treasury market. This could lead to a decrease in the credit of the dollar, and funds may flow into Bitcoin, an anti-inflation asset, increasing the likelihood of a Bitcoin breakout.