Bitcoin, Ether Rally Fueled by New Futures Longs

CryptoQuant reports that the recent surge in Bitcoin and Ether prices is primarily driven by new long positions established in the perpetual futures market, rather than short liquidations. Following the announcement of a U.S.-Iran ceasefire, open interest in BTC and ETH perpetual futures saw a significant increase of over $2 billion each within a 24-hour period. This indicates a renewed bullish sentiment among traders, with Bitcoin experiencing a roughly 4% price increase and Ether around 6%, reversing recent downward trends and marking substantial single-day gains.