On March 13, Bitcoin (BTC) futures open interest reached an unprecedented milestone of $33.9 billion, according to data from SoSo Value, coinciding with the cryptocurrency’s attainment of another all-time high (ATH). CoinMarketCap reported that BTC surged to a price of $73,637, contributing to this significant moment in contract holdings.
This surge in BTC contract positions surpasses the previous peak of $23 billion observed during the peak of the bull cycle in November 2021. SoSo Value highlighted that funding rates on major exchanges, including Binance, have also climbed to their highest levels since early last year. Despite these record highs, caution is advised as the cryptocurrency markets navigate this new territory.
In parallel, spot BTC exchange-traded fund (ETF) data revealed over $1 billion in cumulative net inflows on March 12, with nine issuers attracting investor interest. Notably, BlackRock’s iShares BTC ETF (IBIT) led the pack with a single-day net inflow of $848 million, marking its highest-ever influx.
Conversely, Grayscale’s GBTC experienced net outflows of less than $80 million, continuing a trend that has seen over $11 billion exit the fund in the past three months.
MicroStrategy’s executive chairman, Michael Saylor, reaffirmed his belief in Bitcoin as the premier digital currency and ultimate digital asset. Saylor emphasized MicroStrategy’s long-term strategy of accumulating more Bitcoin without any intention to sell, underscoring his conviction that Bitcoin will attract a significant portion of the world’s $900 trillion wealth as more companies and investors transition to digital assets for optimal capital preservation.
MicroStrategy stands as one of the largest holders of BTC, boasting a stash of 205,000 Bitcoins valued at over $15 billion. According to Google Finance data, the software company’s stock has surged by 157% year-to-date, outperforming the S&P 500 index.
