Bitcoin Futures See Unprecedented $38 Billion in Open Interest
open interest Bitcoin futures It reached a new high in centralized exchanges. That figure reached $38 billion on Friday, according to CoinGlass. This represents a significant milestone that demonstrates increased trading activity around Bitcoin.
Bitcoin Futures Open Interest Rising in 2024
Since the beginning of 2024, the increase in open interest in daily Bitcoin futures has been significant. Open interest has more than doubled from about $17.2 billion on Jan. 1 of this year. The development parallels a large increase Bitcoin price This figure has increased to $70,000, a 66% growth since the beginning of the year. The record open interest reflects increased trader and investor sentiment and market activity around Bitcoin.
open interestThis value, which measures the total value of outstanding Bitcoin futures contracts, reflects the liveliness of the market. March saw monthly volume exceeding $2.3 trillion across various exchanges, the highest level since May 2021. These figures indicate a growing enthusiasm and interest in Bitcoin futures trading.
Ether Futures Reach $13.8 Billion Amid Surge
Immediately afterwards, Ether futures also recorded significant growth. Total outstanding open interest has increased nearly 90% since the beginning of the year to more than $13.8 billion. Meanwhile, the price of Ether has risen by more than 53% since the beginning of the year to $3,500.
The mood in the market was further boosted by the launch of Bitcoin spot exchange-traded funds (ETFs) by industry leaders such as BlackRock. More than $12 billion has flowed into them Identify BTC ETFsThis positively affected the market dynamics.
Adam BackBlockstream CEO spoke optimistically about Bitcoin reaching new highs. But there are some difficulties in the market. For example, Grayscale’s spot BTC ETF GBTC experienced massive outflows, citing liquidity shortages from stressed entities like Gemini and Genesis.
These outflows, resulting in part from liquidations of bankrupt firms, underscore the complexity of the market. Despite these challenges, the outlook remains positive as traditional financial companies observe a pause in activity over the long weekend and GBTC outflows potentially stabilise.
Also Read: Bitcoin Price Prediction: Shark-Driven Momentum Drives $BTC Rise Above $75K
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Maxwell is a crypto-economic analyst and Blockchain enthusiast who is passionate about helping people understand the potential of decentralized technology. I write extensively on topics like blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its effects on economic freedom and social well-being.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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