Bitcoin and Ethereum prices climbed alongside a sharp increase in open interest, signalling renewed investor risk appetite amid improving macro sentiment.
Open interest in perpetual futures rose by $2.1 billion for Bitcoin and $2.2 billion for Ethereum in the past 24 hours, reaching their highest levels in weeks, according to CryptoQuant.
“This synchronised surge across both major assets reflects macro-event-driven positioning, with traders front-running an anticipated improvement in broader risk sentiment,”
Said CryptoQuant.
The analytics firm added that rising coin-denominated open interest confirms traders are opening new long positions rather than closing shorts, reinforcing the bullish trend.
Roughly $182 million in short positions were liquidated over the same period as Bitcoin traded near $72,103 and Ethereum around $2,216, both posting weekly gains exceeding 7%.
CryptoQuant also noted that the Coinbase Premium Index has turned positive for both assets, indicating stronger demand from US investors compared with global markets.
Despite the rebound, Bitcoin remains about 43% below its all-time high of $126,080, while Ethereum is still down roughly 55% from its peak of $4,946 reached last August.
At the time of reporting, Bitcoin price was $71,933.78.