Bitcoin crosses $110,000 as trading volume surges by $119 billion

Bitcoin (CRYPTO:BTC) surpassed the $110,000 level, reaching an intraday high of $110,587 and securing a market capitalisation of $2.19 trillion.

This figure represents 63.8% of the total $3.44 trillion cryptocurrency market, according to recent data.

The broader crypto market also experienced gains, with its total capitalisation rising by 3.85% over the previous 24 hours.

Bitcoin’s price increased by 4.1% during the same period, while Ethereum (CRYPTO:ETH) advanced by more than 6% and Dogecoin (CRYPTO:DOGE) climbed 5.6%.

Global trading volume reached $119 billion, marking a 42.95% increase from the previous day.

Open interest in Bitcoin futures stood at 696,450 BTC, equivalent to $76.69 billion.

The Chicago Mercantile Exchange (CME) led with 151,010 BTC in open interest, valued at over $16.6 billion, accounting for 21.68% of the total.

Binance followed with 117,180 BTC, or $12.9 billion, representing a 16.82% share.

Both CME and Binance reported notable 24-hour increases in open interest, with CME rising by 4.21% and Binance by 4.42%.

This trend indicates renewed positioning and hedging activity among traders.

The options market showed a preference for call contracts, with 62.38% of open interest—230,925.8 BTC—allocated to calls, compared to 37.62% for puts.

Similarly, 24-hour options trading volume was skewed toward calls at 62.97%, while puts accounted for 37.03%.

Market observers noted that “far out-of-the-money calls dominate the board,” highlighting positions such as the $140,000 call expiring September 26 and the $120,000 call expiring June 27.

The largest put contract was at the $85,000 strike for June 27, suggesting some traders are seeking downside protection in the near term.

At the time of reporting, the Bitcoin (BTC) price was $110,066.