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Comments suggesting that Bitcoin’s price might be on the verge of a breakout have influenced the cryptocurrency market today. The fact that open interest in BTC has reached an all-time high supports this notion. Additionally, over $1.5 billion in cryptocurrencies will be unlocked in August, with a significant portion involving XRP. Meanwhile, the bank Silvergate, which faced a major crisis in the past, appears to have emerged from the Federal Reserve Board’s scrutiny.
Record in Bitcoin
Bitcoin open interest in futures has surpassed historical highs, setting a new record. This indicates a rising demand among investors. Can Bitcoin’s price reach a historic peak? The indicator measuring Bitcoin’s total open positions, known as Bitcoin open interest, has risen to $39.46 billion, marking the highest level across all exchanges.
CoinGlass data shows that the current situation has surpassed the previous all-time high of $39.03 billion recorded on March 29, 2024.
Open interest in Bitcoin is used by traders to measure interest and liquidity in the asset. The current peak of $39.46 billion indicates increased investor interest in Bitcoin, which could signal the start of a journey to a new ATH.
XRP Comments and Unlocks
Next month, in August, $1.5 billion worth of tokens will be unlocked. The largest portion of this process involves 1 billion XRP tokens—valued at $609 million at current prices—set to be unlocked on August 1. Since 2017, Ripple, the company behind the XRP Ledger and its native token XRP, has been unlocking 1 billion tokens on the first day of each month.
Ripple is known to re-lock a large portion of these tokens after the unlock. Looking back at June, after the unlock, 800 million XRP were re-locked, while approximately 300 million XRP, valued at $182 million, were sold by the company during the same period.
In addition to XRP, significant unlocks are expected in August for Sui, dYdX, ZetaChain, WLD, MAV, and ETHDYDX.
Another significant development occurred with the bankrupt bank Silvergate, known for its ties to cryptocurrencies. According to a statement from the Federal Reserve Board, Silvergate has completed the process of repaying its customers and halting all banking operations, thus completing the necessary steps for liquidation. Following this, the company is no longer under the control of the regulatory authority.
