Open interest for Bitcoin 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.
Bitcoin price chart | The Block’s price page
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 Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
This news is republished from another source. You can check the original article here