Bitcoin reaches a peak of 110,587 USD, pushing the market capitalization to 2.19 trillion USD, accounting for 63.8% of the total crypto market value of 3.44 trillion USD.
The cryptocurrency market witnessed an explosive trading session as Bitcoin established a historic high of 110,587 USD, marking the most significant price increase in the past month. At 7:30 PM Eastern Time, the world's leading digital currency maintained a level of 110,077 USD, corresponding to a 4.1% increase over the past 24 hours.
With this impressive surge, Bitcoin now holds a market capitalization of 2.19 trillion USD, representing 63.8% of the total value of the entire crypto economy worth 3.44 trillion USD. This dominance reflects Bitcoin's increasingly solid position as a "digital gold" and reserve asset in the digital asset market.
The recovery was not limited to Bitcoin but spread across the altcoin market. Ethereum (ETH) surged by over 6%, while Dogecoin (DOGE) also recorded a 5.6% increase. The global trading volume reached 119 billion USD, a dramatic 42.95% increase from the previous session, indicating strong capital inflow into the market.
Derivative market "heats up" with price increase trend
Activity in the Bitcoin derivative market is vibrant, with total open interest (OI) in the futures market reaching 696,450 BTC, equivalent to 76.69 billion USD. This figure reflects high interest from both institutional and individual investors in Bitcoin's future direction.
The Chicago Mercantile Exchange (CME) leads with 151,010 BTC in OI, valued at over 16.6 billion USD and representing 21.68% market share. CME's dominance reflects the active participation of traditional financial institutions in the Bitcoin market. Binance follows closely with 117,180 BTC (12.9 billion USD), accounting for 16.82% market share.
Notably, both top exchanges recorded a significant OI increase in the past 24 hours: CME increased by 4.21% and Binance by 4.42%. This indicates new longing positions being opened or increased hedging activities to capitalize on the current upward trend.
The Bitcoin options market also demonstrates strong optimism. Call contracts account for 62.38% of total OI with 230,925.8 BTC, while put options only represent 37.62% with 139,250.36 BTC. The 24-hour trading volume further reinforces this trend, with 62.97% (23,817.55 BTC) concentrated on the buy side and only 37.03% on the sell side.
The bias towards buying suggests investors expect Bitcoin to continue rising in the near future. This may stem from optimistic macro perspectives or strategies anticipating breakouts towards the end of June.
Detailed analysis of open contracts shows traders are making quite bold bets. The largest buy position is a contract with a strike price of 140,000 USD expiring on 26/9, along with a 120,000 USD contract expiring on 27/6. These price levels reflect expectations of a significant price increase in the coming months.
Conversely, the sell side has the largest OI at a strike price of 85,000 USD for 27/6, indicating a segment of investors remains cautious and seeks to protect their portfolios from short-term price correction risks. This balance reflects a healthy market with both bullish and bearish perspectives present.
