Bitcoin hit 120,000 USD on Tuesday, approaching its record high. The spike in spot trading volumes on exchanges coincided with a notable rise in open interest, signaling a vibrant market.
Spot trading on Binance experienced a remarkable increase, rising from 3.1 billion USD to 8.8 billion USD. Other major exchanges also saw combined volumes climbing from 5 billion USD to 12.7 billion USD.
The rising open interest indicates significant participation, with Bitcoin’s OI increasing by 7.3% to 45.4 billion USD. This reflects a strong bullish sentiment as traders make substantial investments in anticipation of further price gains.
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