An analysis suggests that the recent price increases in BTC and ETH are due to perpetual futures long positions and increased US demand. According to The Block, CryptoQuant senior analyst Julio Moreno said, "In the 24 hours following the announcement of a ceasefire between the US and Iran on the 7th (local time), BTC and ETH perpetual futures open interest increased by $2.1 billion and $2.2 billion respectively, reaching a one-month high. This surge appears to be due to traders opening long positions, not merely the impact of short position liquidations. Furthermore, the market buy-sell ratio for BTC and ETH also exceeded 1, indicating a dominance of buying pressure. The Coinbase premium index, which reflects US demand, also turned positive for both BTC and ETH. As long as the ceasefire holds and no further conflict occurs, US demand will support price increases," he analyzed.
