Bitcoin futures open interest reaches highest level since November 2021
Open interest for Bitcoin futures on centralized exchanges reached a new yearly high after the recent price rally.Aggregated open interest for Bitcoin futures stands at $22.9 billion, its highest level since Nov. 2021.
Open interest for Bitcoin BTC +0.93% futures on centralized exchanges has hit a new high for the year, reaching levels not seen since November 2021 and highlighting increased trading activity around the largest cryptocurrency.
According to CoinGlass , the aggregated open interest for Bitcoin futures reached $22.9 billion on Monday, the highest since the final quarter of of 2021, closely approaching the peak of about $24 billion made then.
Since the start of 2024, open interest in Bitcoin futures has increased by more than 30%. This increase aligns with Bitcoin’s price rally to $52,300 — a 23% rise year-to-date, also revisiting a level last seen in December 2021.
Meanwhile, the total open interest for Ether futures stands at $10.5 billion , marking a 50% increase since the beginning of 2024. Ether’s trading price has risen to $2,900, reflecting a gain of over 27% year-to-date.
Open interest, a measure of the total value of all outstanding or “unsettled” Bitcoin futures contracts across exchanges, is an indicator of increased market activity and trader sentiment around a particular asset.
Over the past couple of months, the introduction of Bitcoin spot exchange-traded funds (ETFs) by firms including BlackRock and Fidelity has partially driven market sentiment.
These ETFs have attracted over $4 billion in inflows in a relatively brief timeframe, showing investors’ interest in the wider crypto-based derivatives market.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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