An analysis suggests that the recent price increase of BTC and ETH is due to increased long positions in perpetual futures and demand from the United States. According to The Block, CryptoQuant senior analyst Julio Moreno stated, "In the 24 hours following the announcement of a truce between the U.S. 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 rise appears to be due to traders opening long positions, not simply the liquidation of short positions. Additionally, the market buy-sell ratio for BTC and ETH exceeded 1, indicating a dominance of buying pressure. The Coinbase premium index, which reflects U.S. demand, also turned positive for both BTC and ETH. As long as the truce holds and no further conflicts arise, demand from the U.S. will continue to support price increases," he analyzed.
