Bitcoin Surges to $122K as US Buyers Drive Record Open Interest

Bitcoin Blasts Past $122K 🚀 -- US Buyers Ignite Fresh Momentum

Bitcoin reached $122,000 on Friday, approaching its all-time high. With the Coinbase Premium GAP at $113, US buyers have increased the top crypto. Bitcoin's open interest has reached a record high, signaling a rising thirst for leverage.

US buyers push bitcoin beyond $122,000. US traders drove Bitcoin (BTC) past $122,000 on Friday, pushing open interest (OI) to a record $89 billion.

Bitcoin nears record high on spot demand and leverage bets

Bitcoin temporarily broke $122,000 on Friday due to traders' spot demand and leverage. Bitcoin approached an all-time high of $124,128 in the previous 24 hours, triggering $153 million in short liquidations, according to data.

The Bitcoin Coinbase Premium GAP, which rose $113 more than other exchanges, shows that US investors drove price rise. Institutional demand has also boosted BTC's momentum, with US spot Bitcoin ETFs seeing inflows this week. The products have experienced $2.2 billion in net inflows since Monday, reversing previous week's losses.

After the government shutdown delayed the September US employment data, market mood rose. The delay has raised crypto asset values due to greater interest.

According to data, BTC's open interest reached an all-time high of $89 billion, indicating traders' greater appetite for leveraged risk. Last week's options expiration "cleared the board" of hedging activity and set the way for Q4. Open interest has recovered due to more intentional market direction and volatility positioning.

Despite its rebound, Bitcoin still behind gold and silver in year-to-date performance. Bitcoin has increased 25.6% year-to-date, whereas Gold and Silver have grown 46.7% and 61.8%.