Trump’s Pro-Crypto Orders See Bitcoin Futures Open Interest Jump, Then Unwind

Key Points

1. Bitcoin's price rose 3% from the week's open, nearing $117,000, following Trump's executive orders supporting crypto inclusion in 401(K)s and prohibiting debanking of crypto initiatives.

2. The price jump caused nearly $300 million in short positions to be liquidated, marking a three-week high in such activity.

3. Open interest in Bitcoin futures briefly spiked from $9.71 billion to over $10 billion post-announcement before returning to previous levels.

4. Analysts noted the announcements as a potential catalyst for Bitcoin's strong performance, with predictions of prices reaching $140,000 or higher in the next 12 months.