Bitcoin Futures Open Interest Surges to All-Time High of $38 Billion

• The daily open interest in bitcoin futures has climbed by over 100% since January 1, 2024.
• The increasing market activity and trader mood around a given asset is shown by OI.

With open interest (OI) for bitcoin futures hitting a new high on centralized exchanges, trading activity surrounding Bitcoin has been on the rise. Friday saw a record-breaking amount of aggregated open interest for bitcoin futures, reaching $38 billion, according to CoinGlass.

The daily open interest in bitcoin futures has climbed by over 100% since January 1, 2024, when it was about $17.2 billion. The price of bitcoin has soared above $70,000, a gain of 66% year-to-date, coinciding with this increase.

The increasing market activity and trader mood surrounding a given asset is shown by open interest, which is the total value of all outstanding or “unsettled” bitcoin futures contracts across exchanges.

Investors Optimistic

Based on statistics, the current open interest number is in line with a monthly volume of over $2.3 trillion in bitcoin futures during March across several exchanges. This is the biggest level since May 2021.

Also, since the start of 2024, there has been an almost 90% growth in the total open interest for ether futures, which now stands at $13.8 billion. The current price of Ether is $3,500, representing a gain of more than 53% so far this year.

Bitcoin spot exchange-traded funds (ETFs) introduced in the last few months by companies like BlackRock have impacted market sentiment and have received a total of more than $12 billion in net inflows.

Bitcoin exchanges have witnessed outflows of about $10 billion in value with the advent of spot exchange-traded funds (ETFs) in the United States. Since January 11th, exchanges have seen outflows of over 136,000 BTC, according to Glassnode, an on-chain monitoring firm.

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