As per Coinglass, Bitcoin has shown an all-time high open interest of $38.76 billion. This indicates a 6.7% increase from the cryptocurrency's previous all-time high of $36.31 billion earlier this year in March. Along with that, Bitcoin spot ETFs also saw the second-highest net inflows for this year.

According to reports from Sosovalue, the cumulative net inflow in Bitcoin spot ETFs has crossed the $15 billion mark and is now standing at $15.56 billion. Analysts from Standard Chartered, such as Geoffrey Kendrick, have further revealed that institutional investors are rushing to buy Bitcoin spot ETFs.

Derivatives traders, in particular, have exhibited their optimistic stance on Bitcoin. They believe that the cryptocurrency's bullish momentum will continue and that this open interest is just the beginning. Bullish traders have been betting on the success of Bitcoin, and with open interest hitting a new high, their predictions are likely to materialize.

In the world of finance, high open interest rates mean that there is often much bullish sentiment for an asset. Traders believe that Bitcoin's price will go up in the long run, and therefore take a long position. In contrast, when open interest is high, but prices are falling, this signals bearish sentiment, and traders take short positions.

This recent bullish stance on Bitcoin might be due to a variety of reasons. First, because of Bitcoin's growing adoption, it has become more mainstream and a hedge against inflation. As the US and other countries have started printing money in response to the pandemic, Bitcoin is seen as a store of value and possibly a better investment.

Additionally, there is greater acceptance of cryptocurrencies for payment by more significant companies and institutions. Tesla, for instance, acquired $1.5 billion in Bitcoin earlier this year, and PayPal now accepts Bitcoin payments.

Therefore, it is no surprise that institutional investors are flocking to Bitcoin. These investors have access to more capital and can, therefore, buy larger amounts of Bitcoin, which is corroborated by the data. Moreover, market trends ascertained that retail investors are now looking up to institutions, who are acting as catalysts for cryptocurrency growth.

As per current trends and market predictions, Bitcoin price might hit new records soon. However, it is essential to note that such predictions can go astray and should be taken with a pinch of salt. While Bitcoin's price has been rising, it is no stranger to fluctuations. Therefore, investors should exercise caution while investing in this asset.