Open interest in Bitcoin futures on centralized exchanges has hit a new high this year, reaching a level not seen since November 2021, highlighting increased trading activity around the largest cryptocurrency.
Total open interest in Bitcoin futures reached $22.9 billion on Monday, the highest level since the final quarter of 2021 and close to its peak of around $24 billion at the time, according to CoinGlass.
Since the beginning of 2024, open interest in Bitcoin futures has increased by over 30%. This increase coincides with Bitcoin's price rising to $52,300, up 23% since the beginning of the year and also revisiting levels last seen in December 2021.
Meanwhile, total open interest in Ether futures is $10.5 billion, an increase of 50% since the beginning of 2024. Ether trading price rose to $2,900, reflecting an increase of over 27% since the beginning of the year.
Open interest is a measure of the total value of all open or “unsettled” Bitcoin futures contracts across an exchange and is an indicator of heightened market activity and trader sentiment regarding a particular asset.
Bitcoin price chart | The Block price page
Over the past few months, market sentiment has been partially boosted by the introduction of Bitcoin spot exchange-traded funds (ETFs) by companies such as BlackRock and Fidelity.
These ETFs have attracted over $4 billion in inflows in a relatively short period of time, demonstrating investor interest in the broader 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 in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful, and timely information about the cryptocurrency industry. Current financial disclosure information is as follows:
© 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.
