Bitcoin Goes Bonkers! 🚀

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Oh my, oh me! Bitcoin has gone utterly bonkers! 🤯 It’s rallied past its previous all-time high in the USD and USDT markets, and it’s still climbing like a crazy, cryptocurrency-filled rocket ship! 🚀 On Wednesday, it soared to a peak of $111,880, and on Thursday, it just kept on going! 🤩

But, oh dear, Ethereum (ETH) is struggling to keep up. It’s like the poor thing is trying to run a marathon in high heels! 🏃‍♀️ Even though it’s rallying alongside Bitcoin, it’s just not getting the same level of attention from institutional investors. And, oh my, the altcoins in the top 50 cryptocurrencies are all in the green, rallying like a bunch of excited, cryptocurrency-crazed lemmings! 🐭

Bitcoin derivatives analysis 📊

Analysts at 10xResearch and Amberdata are in agreement that spot market strength, not speculation, is driving gains in BTC. But, oh dear, the long/short ratio across top derivatives exchanges is only above 1. It’s like the traders are saying, “Oh, Bitcoin, you’re so nice, but we’re not going to get too excited just yet!” 😐

The 24-hour liquidation data shows $175 million in shorts liquidations and over $47 million in long positions were liquidated. It’s like the bearish traders are getting a big, fat, cryptocurrency-filled slap on the wrist! 🤣

Bitcoin futures open interest chart on Coinglass shows a massive spike in OI. It’s like the traders are saying, “Oh, Bitcoin, we believe in you! 🙏” Open derivatives contracts in Bitcoin crossed a total of $78 billion in OI on May 22. OI is climbing alongside Bitcoin price, signaling strength in the BTC uptrend. Traders are confident of further gains in Bitcoin price! 🚀

Funding rate has been positive since May 8, consistency in the green bars in the funding rate chart below shows how derivatives traders are positioning themselves for further upside in Bitcoin. It’s like they’re saying, “Oh, Bitcoin, we’re going to make some money off of you! 💸”

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2025-05-22 23:11