Bitcoin Futures Open Interest Reaches New High for the Year
The open interest for Bitcoin futures on centralized exchanges has reached a new high for the year, indicating increased trading activity around the largest cryptocurrency. According to CoinGlass, the aggregated open interest for Bitcoin futures reached $22.9 billion on Monday, the highest since the final quarter of 2021. This increase aligns with Bitcoin’s price rally to $52,300, a 23% rise year-to-date. Similarly, the total open interest for Ether futures stands at $10.5 billion, marking a 50% increase since the beginning of 2024. Open interest is an indicator of increased market activity and trader sentiment around an asset.
Bitcoin Spot ETFs Drive Market Sentiment
The introduction of Bitcoin spot exchange-traded funds (ETFs) by firms like BlackRock and Fidelity has driven market sentiment in recent months. These ETFs have attracted over $4 billion in inflows, showcasing investors’ interest in the wider crypto-based derivatives market.
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