March 27, 2024
Bitcoin News

Open Interest for Bitcoin Futures Hits its Highest Level Since November 2021

According to data from CoinGlass, aggregated open interest for Bitcoin futures surged to $22.9 billion this Monday, marking the highest point in the current year. This figure closely approaches the peak of $24 billion observed in the final quarter of 2021.

The surge in open interest corresponds with a more than 30% increase since the beginning of 2024. Bitcoin’s current price rally to $51,300, reflecting a 23% year-to-date rise, further underlines the increased market activity, revisiting levels last observed in December 2021.

Simultaneously, Ether futures’ total open interest stands at $10.5 billion, representing a notable 50% surge since the start of 2024. Ether’s trading price has ascended to $2,900, indicating a remarkable 27% gain year-to-date.

Open interest, a metric gauging the total value of all unsettled Bitcoin futures contracts across exchanges, serves as an indicator of heightened market activity and trader sentiment for a specific asset.

In recent months, the introduction of spot Bitcoin exchange-traded funds (ETFs) by major firms like BlackRock and Fidelity has played a role in driving market sentiment. These ETFs have attracted over $4 billion in inflows within a relatively brief timeframe, underscoring investors’ growing interest in the broader crypto-based derivatives market.

Image by gstudioimagen on Freepik

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