BTC and ETH Rally Driven by New Long Positions, Says CryptoQuant Analysis

CryptoQuant says that Bitcoin (BTC) and Ethereum's (ETH) recent price surge can be attributed to new long positions in perpetual futures markets. The analysis states that dollar-denominated open interest for both assets reached levels not seen in nearly a month following President Donald Trump's announcement of a two-week ceasefire.

Julio Moreno, head of research at CryptoQuant, noted that the synchronized surge across both major assets reflects macro-event-driven positioning, with traders front-running an anticipated improvement in broader risk sentiment. He also stated that coin-denominated open interest increased for both assets, ruling out short liquidations as the primary cause and confirming that traders were establishing net new long positions.

The taker buy-sell ratio for both BTC and ETH moved above 1 during the same period, indicating dominant buying activity. The Coinbase Premium Index also turned positive, pointing to a pickup in demand from U.S.-based investors. Moreno believes that if the ceasefire holds and no new escalatory developments emerge, the Coinbase premium could sustain positive territory and reinforce the upward price trajectory.