On March 29, 2024, open interest (OI) in Bitcoin futures reached an all-time high, approaching $38 billion.
It is noteworthy that at the beginning of March, the OI for this trading instrument was $26 billion. Thus, in less than a month, this figure increased by $12 billion.
According to The Blockopen interest in Bitcoin futures has grown by more than 100% since the beginning of the year, when it was equal to $17.2 billion. At the same time, the rate of the first cryptocurrency added 66% growth and updated the ATN.
Analysts noted that the OI shows the total value of all outstanding Bitcoin futures contracts on exchanges. It indicates increased market activity and traders' sentiment regarding this asset.
Presumably, one of the reasons for the growth of OI was the influx of funds into Bitcoin-based spot ETFs. As of March 29, the total net inflow of assets exceeded $12 billion, with BlackRock's IBIT fund alone accumulating over 200,000 BTC.
Note that the OI for Ethereum futures is $13.8 billion at the time of writing. Since the beginning of 2024, this figure has increased by almost 90%.
In turn, the Ethereum rate rose above $4,000 on the eve of the Dencun update and set a historical high for 2021.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
