Open interest in bitcoin futures exchanges has reached a record high for the year, driven by the recovery in the cryptocurrency market. The total open interest across several exchanges, including Binance, Bybit, and OKx, surpassed $11.5 billion on June 25. Despite a slight decline in the prices of cryptocurrencies on Monday, the price of Bitcoin has increased by 16.8% in the last 14 days. This bullish price movement has been influenced by the entry of major players like BlackRock and Citadel into the crypto space. BlackRock’s filing for a bitcoin spot ETF and Citadel-backed EDX Markets’ launch have sparked a wave of new filings. The surge in interest from these institutional investors demonstrates confidence in the future of cryptocurrencies. Moreover, the crypto options market has experienced a surge in activity, with open interest in Bitcoin options exceeding $11 billion on June 25. Traders have shown positive sentiment, particularly in the $30,000 to $35,000 range.
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