Bitcoin Nears ATH with $34B Futures Interest
- Institutional investors fuel Bitcoin’s near ATH.
- Futures open interest hits $34 billion.
- Retail participation in decline as spot leads.
Bitcoin is approaching an all-time high driven by institutional investors, according to a recent Matrixport report. As of late May 2025, Bitcoin futures’ open interest has surged to a historic $34 billion.
Matrixport’s analysis highlights a shift in market dynamics, emphasizing the role of institutional investors in the ongoing Bitcoin rally. Unlike past bull runs, this surge is characterized by stability and low volatility.
Bitcoin’s increasing proximity to its all-time high is attributed to institutional spot buying rather than retail speculation. Institutions are accumulating, while retail activity is minimal as noted by Matrixport.
Matrixport, co-founded by Jihan Wu, points out that open interest in Bitcoin futures has reached $34 billion, signaling heightened market activity. However, funding rates remain low, indicating limited retail-driven speculation.
Bitcoin is about to reach an all-time high, but most cryptocurrency traders seem unprepared. Implied volatility is at a multi-year low, and the funding rate is only slightly positive, all of which clearly indicate that retail leveraged trading has significantly decreased in recent months. … This round of the Bitcoin bull market seems to be continuing in the absence of retail participation. — Matrixport Analysis Team, Crypto Financial Services Platform, Matrixport.
The analysis suggests that retail investors’ absence from high-leverage trading differs from previous rallies. Therefore, the current market momentum is primarily institutional and spot-driven.
Experts suggest the reduced volatility and institutional lead create a more sustainable market environment. This contrasts with previous high-leverage phases, minimizing risks of sharp corrections.
Matrixport predicts Bitcoin could surpass $160,000 by 2025, supported by spot ETF demand and favorable macro conditions. Long-term investors appear committed, reflecting a maturing financial landscape.
