Bitcoin futures open interest on centralized exchanges has surged to new peaks, reaching $38 billion. This increase in open interest is associated with a surge in the price of Bitcoin to $70,000, a 66% increase over the previous year.
The growing public interest in Bitcoin futures signals an increase in trading activity surrounding the major cryptocurrency by market capitalization. CoinGlass reported that total open interest in Bitcoin futures soared to an all-time high on Friday.
Since the start of 2024, daily open interest for Bitcoin futures has surged, more than doubling from about $17.2 billion on January 1. This rise parallels Bitcoin’s price surge, indicating strong market sentiment and increased interest from traders.
Open Interest is used as a measure of the total value of outstanding or “outstanding” Bitcoin futures contracts across exchanges. This reflects the level of market activity and trader sentiment for a particular asset.
Current open interest figures are consistent with monthly trading volume for Bitcoin futures exceeding $2.3 trillion during March across various exchanges, the highest level since May 2021, according to data from The Block’s data dashboard. Recorded.
Additionally, total open interest in Ethereum futures stands at $13.8 billion, up nearly 90% from early 2024. Ethereum’s trading price soared to $3,500, reflecting a gain of more than 53% since the beginning of the year.
In recent months, the introduction of Bitcoin spot exchange-traded funds (ETFs) from companies such as BlackRock has impacted market sentiment, with cumulative net inflows into Bitcoin spot ETFs of over $12 billion to date.
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