Key Points
- Bitcoin futures’ open interest on centralized exchanges has hit a record high of $38 billion.
- Ethereum futures’ open interest has also seen a significant rise, reaching $13.8 billion.
Bitcoin Futures Reach New Heights
The open interest for Bitcoin futures on centralized exchanges has reached an unprecedented level. The aggregated open interest hit a record of $38 billion last Friday.
Since the start of 2024, the daily open interest in Bitcoin futures has seen a dramatic rise. It has grown over 100% from $17.2 billion on January 1. This increase aligns with Bitcoin’s price jump to $70,000, marking a 66% surge year-to-date.
Open Interest and Market Activity
Open interest, a measure of the total value of all outstanding or unsettled Bitcoin futures contracts across exchanges, points to increased market activity and trader sentiment around a specific asset. The current open interest figure corresponds to a monthly volume of over $2.3 trillion in Bitcoin futures in March across various exchanges. This figure is the highest since May 2021.
Meanwhile, the total open interest for Ethereum futures stands at $13.8 billion. This figure indicates a nearly 90% increase since the start of 2024. Ethereum’s trading price has reached $3,500, reflecting a gain of over 53% year-to-date.
In recent months, the launch of Bitcoin spot exchange-traded funds (ETFs) by firms, including BlackRock, has impacted market sentiment. This development has resulted in cumulative net inflows of over $12 billion into Bitcoin spot ETFs to date.