Bitcoin News: Binance Bitcoin Open Interest Jumps $500M After Bullish U.S. CPI Data

Bitcoin Open Interest (OI) on Binance surged by approximately $500 million within two hours of the release of favourable US Consumer Price Index (CPI) data, signaling a bullish shift in market sentiment. The December CPI report, which showed lower-than-expected core inflation, spurred optimism among crypto investors and boosted market activity.Key Highlights:Bitcoin OI Surge: Binance’s Bitcoin OI volume increased by 3.3%, reaching $10.96 billion shortly after the CPI announcement, according to CryptoQuant. The current OI stands at $12.20 billion, as per CoinGlass data.Market-wide OI Growth: Total Bitcoin OI across all major crypto exchanges rose to $63.19 billion, marking a $3 billion increase in 24 hours.Bitcoin Price Reaction: Following the CPI release, Bitcoin’s price climbed from $96,000 to over $100,500 before settling near $99,000 at the time of publication.Market Sentiment Turns Bullish:The CPI report fueled hopes of further interest rate cuts in 2025, aligning with the Federal Reserve’s potentially easing monetary policy. This positive macroeconomic outlook led to increased participation in Bitcoin derivatives, reflecting growing confidence in the market.The Crypto Fear & Greed Index also rose by 5 points to a "Greed" score of 75, highlighting the bullish sentiment among traders.Expert Insights:Bull Market Dynamics: CryptoQuant analyst Burakkesmeci noted that strong futures support during bull markets is essential to sustaining price momentum.Investment Opportunities: Fundstrat Capital’s CIO emphasized that current price levels, despite potential short-term fluctuations, offer solid buying opportunities, saying, “No one is going to lose money buying here at $90,000.”While some analysts remain cautious about Bitcoin’s short-term price action, the surge in Open Interest and growing market confidence suggest that the asset may sustain its upward trajectory, according to Cointelegraph.