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Open interest in Bitcoin (BTC) futures on centralized cryptocurrency exchanges has reached its highest level since November 2021, indicating increased trading activity for the leading cryptocurrency. According to data provided by CoinGlass, the total open interest for Bitcoin and Ethereum (ETH) futures today reached $33.4 billion.
Rise in Open Interest for Bitcoin and Ethereum
Open interest in Bitcoin futures has risen to $22.9 billion, approaching the peak of $24 billion seen at the end of 2021. This increase in open interest coincided with an uptrend in the price of the largest cryptocurrency. BTC‘s price climbed to $52,300, marking a 23% increase since the beginning of the year and revisiting levels last seen in December 2021. This price increase has contributed to the rise in open interest by driving significant trading interest.
Similarly, there has been a significant increase in open interest for futures of Ethereum, the second-largest cryptocurrency by market value and the largest altcoin. The total open interest for Ethereum futures is currently at $10.5 billion, reflecting a 50% increase since the beginning of 2024. ETH‘s price has risen above the $2,900 threshold, facing an increase of over 27% since the start of the year.
As is known, open interest serves as an important metric for assessing market activity and trader sentiment for a particular asset like BTC or ETH. This metric, which measures the total value of all outstanding or unsettled futures contracts on exchanges, provides information about participation in futures trading and the level of engagement.
Spot ETFs Have a Major Impact on the Increase in Open Interest
The launch of spot Bitcoin exchange-traded funds (ETFs) by major financial firms such as BlackRock and Fidelity has played a significant role in increasing market sentiment in recent months. These spot ETFs have captured over $4 billion in a short time, leading to increased investor interest in crypto-based derivative markets.
The increase in open interest for Bitcoin and Ethereum futures indicates a rise in confidence and participation in the cryptocurrency market by traders and investors. As institutional adoption continues to grow and regulatory clarity is obtained, derivative markets for cryptocurrencies can be expected to experience further growth in the coming months.
