Bitcoin Hits Record $111K Amid Strong Market Sentiment
Key Takeaways
- Bitcoin (BTC) reaches a new all-time high (ATH) of USD 111,381.
- Open Interest (outstanding futures contract positions) rises to USD 74.25 billion.
- The market shows bullish tendencies with no signs of overheating.
- Liquidation risks for both short and long positions are increasing.
- A price range between USD 98,000 and USD 118,000 is possible in the coming weeks.
Bitcoin Breaks New All-Time High
On May 21, 2025, the price of Bitcoin reached a new all-time high of USD 111,381. This continued the upward trend observed since April. During this period, the price rose from around USD 76,000 to over USD 110,000 – an increase of more than USD 34,000.
At the same time, Open Interest (OI) saw a significant increase. This refers to the total value of all open derivatives contracts, particularly futures. OI climbed to USD 74.25 billion – a record high that indicates strong investor interest and bullish expectations.
Futures Market Remains Stable Despite High Speculation
Despite the sharp rise, the futures market shows no signs of overheating. The so-called Funding Rate Heatmap – an indicator of the balance between long and short positions – currently sits at around 3%. This suggests a healthy market environment.
To explain: The funding rate is a regular payment (approximately every eight hours) exchanged between long and short traders. A positive rate means long positions must pay – a sign of bullish sentiment. A negative rate would indicate a dominance of short positions.
For comparison: At the peak in late 2024, funding rates reached up to 100%, signalling excessive leverage and a subsequent correction.
Liquidation Risks on Both Sides
With the breakout above the USD 108,500 mark, short positions worth approximately USD 1.65 billion were liquidated. These traders had bet on falling prices and were forced to close their positions as the price continued to rise.
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On the other hand, long positions face potential losses if the price drops below USD 100,000. In this case, around USD 12.5 billion in leveraged long positions would be at risk. This highlights how sensitive the market is to price movements – especially with high leverage involved.
What Can We Expect in the Coming Weeks?
According to the MVRV band model (Market Value to Realized Value), Bitcoin is currently moving within a range that has triggered sideways movement in previous market phases. If the pattern repeats, the price could fluctuate between USD 98,000 and USD 118,000 over the next two months.
This model compares the current market value to the average purchase price of all circulating coins. It serves as an indicator of overvaluation or undervaluation and helps identify potential inflection points.
Our Assessment
The current rise in Bitcoin reflects strong market sentiment, supported by substantial capital inflows into the derivatives market. Important: Despite the new all-time high, the market remains stable so far – without excessive leverage or speculative hype.
For you as an investor, this means: The market presents opportunities, but also risks. Caution is especially advised with leveraged positions. The coming weeks could be marked by high volatility, with potential movements within the stated price range.
Keep an eye on funding rates and open interest – they provide valuable insights into market sentiment. Long-term investors should not be unsettled by short-term fluctuations but should act strategically.
Sources
- TradingView
- Coinglass
- Glassnode
| Symbol | BTC |
| Coin type | Alt Coin |
| Transaction Speed | Slow |
| Pros |
|
| Cons |
|
| Further practical applications | |
| Price | 110946 |
| 24h % | 4.15 % |
| 7d % | 8.94 % |
| 30d % | 25.45 % |
| 60d % | 31.64 % |
| 1y % | 59.15 % |
| Market Cap | $2,205,802,570,036.00 |
| Max. Supply | 21,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
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