Bitcoin News Today: Bitcoin Open Interest Hits $44.5B as Price Dips Below $115K; $130M Longs Liquidated, Whale Bets $23.7M on 73.9% Rally to $200K

Bitcoin’s open interest surged to an all-time high of $44.5 billion on July 22, 2025, as the cryptocurrency’s price dipped below $115,000 for the first time since hitting a record $123,000 earlier in the month [1]. The divergence between open interest and price highlights growing speculative activity despite short-term volatility. A significant $130 million liquidation of long positions occurred after Bitcoin fell below the $115,000 threshold, with critical support zones identified between $113,500 and $110,500 [2]. Analysts suggest the market is consolidating, with technical indicators pointing to a potential rebound toward $118,000–$130,000 before resuming an upward trend [3].

The surge in open interest, which represents the total value of outstanding derivative contracts, underscores intensified market engagement. When prices decline amid rising open interest, it typically signals new capital entering the market, often betting on further price swings. This dynamic reflects a balance between hedgers and speculators, with traders opening positions either anticipating a rebound or hedging against further losses [1]. In traditional markets, such a combination often precedes heightened volatility, and Bitcoin’s speculative nature amplifies this potential.

The market’s resilience is evident in the continued participation of both institutional and retail investors. Traders are not exiting the market but instead doubling down, suggesting confidence in future price movements. However, this activity carries risks. A prolonged price decline could trigger cascading liquidations, particularly if leveraged positions are concentrated near key support levels [2]. Analysts warn that the $115,000–$118,000 range is critical, as its defense could stabilize the market and set the stage for a new bullish phase.

A high-profile whale bet $23.7 million on Bitcoin reaching $200,000 by year-end through a bull call spread strategy, purchasing options at $140,000 and selling those at $200,000 with December 2025 expiration [4]. This move, described as “fine-tuned” and low-leverage, reflects confidence in a gradual return to all-time highs rather than a speculative gamble. The position aligns with broader institutional optimism, as options data suggests a bullish case for BTC surpassing $180,000 by mid-2025, supported by factors such as post-halving supply constraints, spot ETF inflows, and potential interest rate cuts [4].

Despite the recent turbulence, structural factors remain in play. Bitcoin’s realized capitalization exceeded $1 trillion as prices hit ATHs earlier this month, and institutional buying signals have reemerged during pullbacks [6]. The coexistence of record open interest and price weakness, however, underscores the risks of overextended positioning. Traders are closely monitoring whether the $115,000–$118,000 range can hold as a catalyst for a new bullish phase.

The whale’s $23.7 million bet and broader options activity indicate a strategic, rather than speculative, approach to Bitcoin’s long-term trajectory. As one analyst noted, the market is “positioning for a structured bull cycle,” with expectations of a gradual climb toward $200,000 by year-end rather than a sudden spike [4]. Whether these projections materialize will depend on macroeconomic developments, regulatory clarity, and the resilience of key support levels in the coming weeks.

Sources:

[1] [Bitcoin Price Drops, Open Interest Hits New Highs] (https://cryptonews.net/news/bitcoin/31319958/)

[2] [Crypto Crash: Why BTC, SOL, and DOGE are Falling Today?] (https://coingape.com/trending/crypto-crash-why-btc-sol-and-doge-are-falling-today/)

[3] [Bitcoin Below $115K as Whale Bets 73.9% Rally to $200K] (https://www.ainvest.com/news/bitcoin-news-today-bitcoin-115k-whale-bets-73-9-rally-200k-year-2507/)

[4] [$200K Bitcoin? A Whale Bets $23 Million on a Massive...](https://www.cointribune.com/en/bitcoin-at-200000-the-incredible-23-million-bet-of-a-whale-on-btc/)

[6] [Crypto Bitcoin / US Dollar BTC/USD Chart Daily](https://finviz.com/crypto_charts.ashx?t=BTCUSD)