Markets
BTC futures set a record of $37 billion while analysts predict a surge in Bitcoin to $83,000
Bitcoin traders set a record for futures positionswith open interest exceeding $37.7 billion. The previous record of just under $37 billion was set in March, when bitcoin hit an all-time high of more than $73,000. The jump comes a day after spot bitcoin ETFs extended their streak of net inflows to 18 days, also a record. The long-short ratio in BTC futures has crossed 1, meaning there are more positions betting on the price rising than falling. BTC is currently priced at around $71,340, up 0.5% in the last 24 hours. The CoinDesk 20 Index (CD20) fell about 0.2%.
Bitcoin may be ready a surge to $83,000, according to analysis by 10x Research. The breakout is contingent on BTC rising above $72,000 to complete an inverted head and shoulders pattern in which an asset experiences three price lows, with the middle one being the deepest. This pattern suggests it’s “only a matter of time” before BTC price hits a new high, 10x founder Markus Thielen said. Any move above $72,000, a rise of just 1% from the current price of around $71,300, could depend on U.S. nonfarm payrolls data, scheduled for release at 8:30 a.m. ET. The weak data could reinforce the need for interest rate cuts by the Fed, adding to the upward momentum of risky assets, including cryptocurrencies.
Healthcare company Semler Scientific, which previously extended its business strategy to buying bitcoin, said this on Thursday is buying $17 million worth of BTC and preparing to raise $150 million so he can buy more. According to market data from CoinDesk Indices, the company’s 828 bitcoins were acquired for $57 million and are now worth $59 million. Collectively, publicly traded companies hold 308,442 BTC worth around $21.8 billion on their balance sheets, according to bitcointreasuries.net. Semler’s announcement in late May that he wanted to buy $40 million in bitcoin sent his shares up 25%. SMLR shares rose just over 3% in premarket trading.