Open interest (OI) in Bitcoin futures trading on exchanges reached $24.12 billion. The last time such demand was observed was in November 2021, according to CoinGlass.
Since the beginning of 2024, OI to Bitcoin futures has increased by more than 30%. The increase in figures occurred against the backdrop of a jump in the price of the first cryptocurrency above $52,000.
Over the past 24 hours, OI for Bitcoin futures on the Chicago Mercantile Exchange (CME) increased by 1.73%. Cryptocurrency exchanges Binance and Bybit recorded an increase in interest of 1.45% and 2.22%, respectively. The largest increases were shown by trading platforms Kraken (8.93%) and Coinbase (13.32%).
Note that OI for Ethereum futures has increased by 50% since the beginning of 2024 and reached $10.5 billion. At the time of writing, the asset is trading above $2900, according to TradingView.
Open interest is an indicator of increased market activity and trader sentiment towards these assets, analysts said The Block. According to them, the launch of spot Bitcoin ETFs from BlackRock, Fidelity and other companies had a significant impact on the market. Exchange-traded products provided inflows of more than $4 billion, the source claims.
IG Australia analyst Tony Sycamore believes that the Bitcoin rally can be explained by the connection between cryptocurrencies and the macroeconomic environment. He views the Federal Reserve's signal that it will begin cutting interest rates as “a more significant driver of price action.”
Source: Cryptocurrency
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