Bitcoin (BTC) price surged over the Easter weekend, jumping 9% and crossing the $91,000 threshold on April 22. This strong performance diverged sharply from the stock market’s lukewarm rebound and mirrored gold’s bullish behavior, which briefly touched a new all-time high of $3,500.
While the BTC rally and its growing decoupling from equities are noteworthy, it’s the derivatives market that offers an even more bullish signal.
According to data from CoinGlass, Bitcoin open interest (OI) soared by 17%, reaching a 2-month high at $68.3. OI measures the total capital invested in BTC derivatives, and such an uptick shows a growing bullish sentiment among traders.
The market is currently in contango — a situation where futures prices (notably CME Bitcoin futures) are higher than the spot price. This typically occurs because investors anticipate rising prices and take advantage of leverage tools offered by exchanges,