The total Bitcoin contract holdings across the network have reached a historic high, which may indicate that the price of the coin is about to break through
BlockBeats reports that on July 29, according to CoinGlass data, the current total Bitcoin futures holdings reached $39.46 billion, surpassing the historical high of $39.03 billion set on March 29, 2024.
Analysts point out that this indicates an increased interest in Bitcoin among investors and may signal a breakthrough to new all-time highs for Bitcoin.
In addition, over 75% of short-term Bitcoin holders made a profit on July 24. This could translate into greater upward momentum for Bitcoin as short-term data is often used to measure retail demand for Bitcoin. (Cointelegraph)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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