News

Bitcoin Futures Open Interest Soars to new Heights

0

Open interest in Bitcoin futures has surged to new record highs ahead of Coinbases Wednesday direct listing on the Nasdaq. Crypto market data aggregator Glassode states that Bitcoin open interest has exceeded 27 billion for the first time as Bitcoin BTC pushed into new record highs above 63,000. The milestone suggests traders may be speculating on higher prices, although some may also be hedging against incoming volatility.

The lions share of trading activity is on Binance, where the 5.2 billion in positions accounts for almost 20 of all outstanding positions being held on the exchange. Its followed by Bybit with 4.66 billion, OKEx with 3.75 billion, and then Huobi, FTX and CME with roughly 3 billion each. Despite the record open interest, Bitcoin futures volumes appear to have been declining over the past month, sagging from 117 billion as of March 15 to range between 50 billion and 75 billion during April, according to crypto derivatives data aggregator Skew.

The waning volume may suggest traders have become increasingly cautious about opening new positions as the date for Coinbases listing was approachin, with a significant share of open interest likely representing positions that have been opened during previous weeks and months. Of the 75 billion worth of BTC futures that changed hands over the past 24 hours, Binance makes up more than onethird of the volume with 26.9 billion, followed by Huobi with 14.5 billion, OKEx with 12.7 billion and Bybit with 10.6 billion….

Dollar at ThreeWeek Low as Feds Dovish Message Sinks in

Previous article

Turkish C.Bank Bans Use of Crypto Assets Due to Significant Risks

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in News