Hassan Maishera
TL;DR
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CryptoQuant revealed that the recent bitcoin and ether price rally was driven by new long positions in perpetual futures, not by short liquidations.
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BTC hit the $72k level, while Ether is trading around the $2,200 region.
Bitcoin and Ether Rallies Fueled By New Long Positions
CryptoQuant revealed in its latest report that Bitcoin and Ether prices have moved higher, and the rally is driven by new long positions in the perpetual futures market.
Bitcoin rallied to the $72,000 region, while Ether topped $2,200 within 24 hours of President Donald Trump’s announcement of a U.S.-Iran two-week ceasefire, marking the strongest single-day move in more than a month and reversing the recent bearish trend.
Julio Moreno, head of research at CryptoQuant, pointed out that the rally was mainly driven by perpetual futures traders. Open interest in BTC and ETH perpetual futures rose by $2.1 billion and $2.2 billion, respectively, within the 24 hours following the ceasefire announcement late Tuesday, Moreno said.
Dollar-denominated open interest for both BTC and ETH also reached levels not seen in nearly a month, he added.
The analyst wrote that,
"This synchronized surge across both major assets reflects macro-event-driven positioning, with traders front-running an anticipated improvement in broader risk sentiment. Crucially, coin-denominated open interest also increased significantly for both assets, ruling out short liquidations as the primary driver and confirming that traders are opening net new long positions."
CryptoQuant pointed out that buying activity also increased in perpetual futures markets. The buy-sell ratio for both bitcoin and ether moved above 1, showing dominant buying and stronger directional conviction.
Moreno further stated that the coordinated bullish positioning across BTC and ETH reinforces that the market is pricing in a sustained improvement in macro conditions, at least in the short-term.
"If the ceasefire holds and no escalatory news emerges over the next two weeks, the Coinbase premium could sustain positive territory, reinforcing the bullish price trajectory," Moreno concluded.
CryptoQuant’s report that if Bitcoin holds above the $69,400 support level and no escalatory developments emerge from the U.S.-Iran front, the next key target is the traders' realized price at around $79,000.
