Bitcoin’s on Fire! (But Not Really)

Bitcoin‘s on Fire! (But Not Really)

So, Bitcoin’s open interest just hit an all-time high of $80.91 billion. Wow, that’s a lot of money! 🤑 But, let’s be real, it’s not like people are actually buying Bitcoin because they believe in it. Nope, it’s all about the leverage, baby! 🚀

Bitcoin’s rally to its all-time high of $111,970 was probably fueled by people who want to make a quick buck. I mean, who doesn’t love a good gamble? 🎲 On Thursday, May 22, open interest on Bitcoin futures across crypto exchanges reached $80.91 billion. That’s a lot of people betting on Bitcoin! 🤯

On Binance, the largest exchange by volume of derivative contracts, open interest climbed to $13.60 billion. That’s the highest level it’s been since December 2024. And, of course, this rally contributed to a spike in liquidations, wiping out a total of $246 million in long and short positions across major crypto assets. Oops! 🤦‍♂️

The increase in open interest closely tracked Bitcoin’s price, which rose 8.46% since the start of the week. But, let’s be real, that’s not that impressive. I mean, open interest increased by 23% during the same period. That’s like me saying I’m a great cook because I managed to boil water without burning it! 🍲

Institutions and Retail: Who’s Really Driving Bitcoin’s Growth?

So, you’d think that with all this hype around Bitcoin, people would be searching for it like crazy on Google. But, nope! Google Trends reveals a significant decline in search interest for the keyword Bitcoin since November. Specifically, Bitcoin search volume score was at 22, compared to 100 in May 2021, when BTC lost 50% of its value in a matter of weeks. 🤔

Even during the November rally, Bitcoin’s search volume score peaked at just 64. This suggests that despite Donald Trump’s victory in the U.S. elections, retail investors are not as engaged as they were during the 2021 crash. Maybe they’re just not that into Bitcoin anymore? 🤷‍♂️

The most likely explanation is that institutional investors are increasingly betting on Bitcoin. Notably, Trump’s election win and subsequent pro-crypto stance have helped legitimize Bitcoin among institutional players—credibility it previously lacked. Yeah, because nothing says “legit” like a politician endorsing something! 🙄

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2025-05-22 23:04