Bitcoin (BTC) is inches away from its all-time high, hovering over $107,000, with analysts eyeing a move higher in the coming days.

Futures open interest across major exchanges hit $75 billion, an all-time high on Tuesday in U.S. dollar terms, signaling heightened speculative activity and leveraged positioning.

That comes alongside a continued rally in spot markets, with BTC holding above $100,000 for more than 11 straight days — a sign, some traders say, of accumulation and strength at current levels.

“The current price action appears to be a consolidation phase,” said Ruslan Lienkha, chief of markets at YouHodler, in an email to CoinDesk. “It’s marked by accumulation, potentially setting the stage for another leg higher that could lead to a new all-time high.”

Bitcoin was changing hands above $107,500 as of Tuesday morning, up nearly 1.5% over the past 24 hours. Ether (ETH) and Solana’s SOL added 2%, while dogecoin (DOGE), Cardano’s ADA and xrp (XRP) bumped 3%.

Derivatives data support the bullish outlook. The call-to-put open interest ratio reached 1.55 this weekend. At the same time, premiums for out-of-the-money calls rose across the board, a sign traders are positioning for a breakout, HTX Research’s Chloe Zheng said in a weekend update shared with CoinDesk.

Meanwhile, short-term implied volatility (IV) dropped to an 18-month low of 35–40%, reflecting a relatively calm backdrop despite rising positioning, HTX said.

“This mix of euphoric sentiment and low volatility often conceals the build-up of excessive leverage,” HTX Research noted in a weekend update. “But under such conditions, Bitcoin could retest new highs within 30–45 days.”

Still, resistance at the $107,000 level has held for now. FxPro analyst Alex Kuptsikevich said in an email that the market is driven by “a crowd of retail investors” and momentum-chasing traders who remain undeterred by macro uncertainty or recent exchange security concerns.

“Further dynamics will depend on changes in global risk appetite,” Kuptsikevich wrote. “If the resistance at $107K is broken, there are more chances to restore the uptrend. That opens a path toward $115K.”

Although bitcoin (BTC) can be traded 24/7 its candles open and close daily similar to foreign exchange markets. The latest data from TradingView shows Tuesday’s candle ended (UTC) at $106,830, the highest-ever daily closing price.

The bullish move came as investors poured money into the spot exchange-traded funds (ETFs) amid chaotic price action in bond markets that suggested heightened concerns about the fiscal health of major economies, including the U.S.

Analysts told CoinDesk last week that the worsening fiscal debt situation could bode well for BTC and other assets such as gold.

The Coinbase Bitcoin Premium Index, which measures the percentage difference between the price of Bitcoin on Coinbase Pro (USD pair) and the price on Binance (USDT trading pair), remained positive, indicating a persistent buying pressure from the U.S.-based investors.

With the uptrend in progress, the next key level to watch is $110,000. Data from Deribit’s BTC options market, tracked by Amberdata, shows dealers or market makers hold a large net «negative gamma» exposure at the $110,000 level.

Dealers holding negative gamma typically trade/hedge in the direction of the market to maintain their overall market exposure delta neutral. That, in turn, amplifies bearish and bullish moves.

In other words, the rally may accelerate on a potential breakout above the $110,000 mark. The options market has grown significantly over the past five years, with dealer hedging adding to volatility on several occasions.

Apex Group, a financial services provider with more than $3 trillion in assets under administration, said on Tuesday it had acquired a majority stake in Tokeny, a Luxembourg-based firm that helps institutions tokenize real-world assets (RWA) on public blockchains.

According to the deal, Apex expects to take full ownership of Tokeny over the next three years, after first investing in the company in late 2023, Apex said in a press release. The companies did not disclose the terms of the acquisition in the press release, and a spokesperson did not immediately return a request for comment.

The acquisition comes as more traditional financial firms are looking at tokenization as the next frontier in capital markets, using blockchain technology for moving assets like bonds, funds and other securities.

For institutional investors, the process promises simpler cross-border transactions, faster settlement and new liquidity channels. Tokenized assets could be a $18 trillion market by 2033, a report from BCG and Ripple last month projected.

«Tokenization is a foundational shift in how assets will be managed, distributed, and accessed,» Apex founder and CEO Peter Hughes said in a statement. «Our strengthened partnership with Tokeny is key to delivering on our vision to be the infrastructure provider in the digital era of finance.»

Tokeny’s infrastructure has already been used to tokenize over $32 billion in assets, supporting the full life cycle of tokenized securities — from issuance to transfer to compliance — and is best known for establishing ERC-3643, a widely used standard for compliant digital asset transfers, the press release said.

Apex said Tokeny’s team and tools will be brought in-house, and it aims to offer clients a turnkey infrastructure for blockchain-based finance, layering smart contracts and decentralized protocols on top of its traditional services.

Read more: Ripple, BCG Project $18.9T Tokenized Asset Market by 2033