#BTC未平仓合约量创新高# Bitcoin futures open interest hits record high of $72 billion.
Bitcoin futures open interest hit $72 billion, reflecting the increasing use of leverage among institutional investors.
$1.2 billion worth of short positions between $107,000 and $108,000 are at risk of liquidation, increasing the likelihood of a BTC breakout to the upside.
Total open interest in Bitcoin BTCUSD futures contracts hit a record high on May 20, raising questions about whether bearish positions are now at risk. While attempts to break above $107,000 since May 18 have failed, the volume of highly leveraged positions could push Bitcoin to an all-time high.
Total open interest in BTC futures rose to $72 billion on May 20, an 8% increase from $66.6 billion a week earlier. Institutional demand continues to be the main driver of leveraged trading.
$1.2 billion liquidation risk between $107,000-$108,000
According to estimates, the largest concentration of bearish BTC futures liquidations is in the $107,000-$108,000 range, reaching around $1.2 billion.
While it is impossible to predict what could trigger a breakout above $108,000 that would trigger the closing of leveraged short positions, optimism is rising amid growing concerns about the U.S.’s fiscal debt. Uncertainty remains amid ongoing disagreements between Democratic and Republican lawmakers over how the government will drive economic growth while reducing spending.
More importantly, yields on 20-year U.S. Treasury notes have risen to near 5%, up from 4.82% two weeks ago. The weak demand for long-term government debt could force the U.S. Federal Reserve (Fed) to take on the role of buyer of last resort, reversing a 26-month trend. Such an approach would put downward pressure on the U.S. dollar and drive investors to alternative hedges like Bitcoin.
Gold dominates, Bitcoin attracts capital through reserve reallocations.
Gold is still dominant in the alternative asset class, but its 24% return so far in 2025 and $22 trillion market cap are making it less attractive to many investors. For comparison, the entire S&P 500 index is worth $53 trillion, while U.S. bank deposits and Treasury bonds (M1) are worth $18.6 trillion. In comparison, Bitcoin currently represents a $2.1 trillion asset class, roughly the size of the silver market.
Meanwhile, some regions, especially the United States, have begun to prepare to transfer some of their gold reserves to Bitcoin. Such a move could easily push BTC to an all-time high. The allocation of just 5 percent of gold by these countries to Bitcoin would mean an inflow of $105 billion, which is equivalent to 1 million BTC at a price of $105,000.
Bitcoin will post its highest monthly close in history if it stays above that level
For comparison, Strategy, a publicly traded firm in the US run by Michael Saylor, currently holds 576,230 BTC. There is little doubt that institutional buying is the main driver behind Bitcoin’s rise above $108,000. Such a rally could trigger the liquidation of highly leveraged bear positions, pushing BTC rapidly toward a new all-time high. However, ongoing macroeconomic uncertainty continues to weigh on overall investor sentiment.
As Bitcoin tests the $107,000 level, short holders are feeling a greater risk of being forced liquidated, which could further fuel the price’s upward momentum.
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