Bitcoin News Today: Bitcoin Open Interest Surges to $44.5B All-Time High as Price Dips Below $115K, Whale Bets 73.9% Rally

Bitcoin’s open interest surged to an all-time high of $44.5 billion in July 2025, despite the cryptocurrency’s price dropping below $115,000. This divergence between price and open interest—a metric measuring the total value of outstanding derivative contracts—signaled heightened speculative activity and market participation, even amid near-term volatility. The rise in open interest suggests that traders are increasingly opening leveraged positions, either hedging against further declines or anticipating a rebound [1].

The phenomenon of rising open interest during a price pullback is often interpreted as a sign of market resilience. Traders are not exiting the space; instead, they are doubling down, reflecting confidence in Bitcoin’s long-term fundamentals despite short-term turbulence. Analysts attribute this behavior to aggressive leveraged positions, a bullish outlook tied to post-halving supply dynamics, and growing institutional demand driven by spot ETFs. A notable example is a $23.7 million whale bet placed on Deribit, where a trader structured a bull call spread targeting a $200,000 price level by year-end. This strategy, involving calls at $140,000 and $200,000 with December 2025 expiration, underscores calculated optimism about a gradual, structured rally rather than a sharp speculative spike [2].

However, the surge in open interest also carries risks. The price decline triggered $130 million in liquidations as Bitcoin tested support levels between $113,500 and $110,530. Order book data revealed robust buying pressure in these ranges, indicating potential temporary stability before a possible rebound. Technical analyses suggest the asset may consolidate near $115,000–$118,000 before resuming an upward trend, with key resistance at $130,000 acting as a short-term target. Caution remains, though: a break below $115,000 could shift sentiment to bearish territory, particularly if institutional buying signals fail to materialize [1].

The interplay between spot and derivatives markets further complicates the outlook. While Bitcoin’s dominance over altcoins has slightly waned, Ethereum’s open interest also reached a record $28 billion, highlighting broader crypto market diversification. Meanwhile, the whale’s options strategy aligns with a growing trend of institutional investors using sophisticated derivatives to hedge or capitalize on anticipated price movements, rather than relying on leveraged futures [3].

Market participants remain divided on Bitcoin’s trajectory. Some view the dip as a buying opportunity amid robust fundamentals, including a shrinking supply and ETF-driven inflows. Others warn of heightened volatility, noting that open interest peaks often precede sharp corrections if price action fails to confirm bullish expectations. The coming weeks will likely test key support and resistance levels, with outcomes potentially shaping the next phase of Bitcoin’s multi-year trend [1][2].

Source:

[1] [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/)

[2] [$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/)

[3] [Ethereum Flips Bitcoin in Spot Volume — First time in 12+](https://www.binance.com/en/square/post/27419365454450)