Bitcoin futures open interest on centralized exchanges has surged to a new peak, reaching $38 billion. This uptick in open interest correlates with Bitcoin’s price spike to $70,000, marking a 66% increase year-to-date.
The heightened open interest for Bitcoin futures suggests increased trading activity surrounding the leading cryptocurrency by market capitalization. CoinGlass reports that aggregated open interest for Bitcoin futures soared to its all-time high on Friday.
Since the beginning of 2024, the daily open interest in Bitcoin futures has surged, more than doubling from approximately $17.2 billion on January 1st. This rise parallels Bitcoin’s price surge, indicating a strong market sentiment and heightened interest among traders.
Open interest serves as a metric for the total value of all outstanding or “unsettled” Bitcoin futures contracts across exchanges. It reflects the level of market activity and trader sentiment towards a specific asset.
The current open interest figure coincides with a monthly volume exceeding $2.3 trillion in Bitcoin futures during March across various exchanges, marking the highest level since May 2021, according to data from The Block’s data dashboard.
Additionally, Ether futures’ total open interest stands at $13.8 billion, showing an almost 90% increase since the beginning of 2024. Ether’s trading price has surged to $3,500, reflecting a gain of over 53% year-to-date.
In recent months, the introduction of Bitcoin spot exchange-traded funds (ETFs) by firms like BlackRock has influenced market sentiment, leading to cumulative net inflows of over $12 billion into Bitcoin spot ETFs to date.
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Source: https://cryptocurrencynews.com/bitcoin-futures-reach-record-high-open-interest-of-38-billion/
