Record $830M CME Bitcoin Futures Open Interest Highlights Bullish Trend

Bitcoin has been in a fairly strong bullish trend since mid-March when the price rebounded from the massive crash which saw the price drop as low at $3,600 on some exchanges.

The only potential drawback is that when top traders turn bearish, Bitcoin and Ether's trends reverse, causing exponential price decreases across altcoins.

Top traders reduced long positions but remain bullishLooking at exchange-provided data highlighting traders' long-to-short net positioning, one can determine whether professionals are leaning bullish or bearish.

Not even the sharp $1,500 Bitcoin price drop on August 2 was able to undermine these traders' optimism.

Derivatives indicators from Bitcoin futures and options trading also remained strongly bullish despite $1 billion in liquidations on Sunday, according to Cointelegraph.

Volumes remain strongAfter reaching peak price levels, volumes usually show a declining trend.

Institutional investors activity remains strongUnlike volume data, futures contracts open interest provides a better picture of investors' total risk exposure.

Regardless of its trading activity, which can momentarily cede after whiplash price movements, open interest will remain high as long as players keep their positions open.

Derivatives confirm top traders bullishnessDerivatives indicators including contango, funding rate, options 25% delta skew, and the put/call ratio are unambiguously signaling bullishness.

While there is no single indicator or analysis that provides certainty over short-term price movements, top traders' net exposure and institutional investors' growing appetite points to unquestionable bullish momentum.