Investors’ interest in the Bitcoin futures market is increasing once again. According to on-chain derivatives data from the blockchain analytics platform CoinGlass, open interest in Bitcoin futures has soared to $15.83 billion, the highest it has seen since June 2022.
BTC Futures Open Interest Nears $16B
Open Interest is a measure of the number of people who have invested in a futures or options product. On the other hand, Bitcoin futures is a derivatives contract that allows investors to place bets on the future price of BTC. The Bitcoin futures market encompasses crypto derivatives exchanges like Binance, OKX, ByBit, and others.
Source: CoinGlass
As shown in the chart above, the open interest in BTC futures was $16.47 billion on June 7, 2022. BTC’s price was over $31,300 at the time. The metrics were followed by a downtrend through the rest of the year. In mid-November, open interest in BTC futures dropped to $9.47 billion, amid the crash of the FTX crypto exchange.
On March 13th, the chart recorded its lowest since December 2020, sitting at $8.77 billion in open interest. However, the current metrics, where BTC futures open interest nears $16 billion, demonstrate a rekindled interest in the Bitcoin futures market.
Meanwhile, the BTC futures open interest saw its all-time high (ATH) in November 2021 at $27.38 billion. That period coincides with the month of Bitcoin’s peak value. Also, less than a month earlier, exchange-traded fund (ETF) issuer ProShares secured the first BTC futures ETF from the U.S. Securities and Exchange Commission (SEC). The move was considered a milestone in the BTC Futures economy.
Broadening the scope of the global crypto futures market, CoinGlass’ analysis shows a current open interest at $30.34 billion. This covers crypto assets such as ETH, SOL, XRP, MATIC, and others.
BTC Trades Above $34k
The recent interest in the Bitcoin futures market is likely fueled by an overall interest in BTC. Over the past week, BTC’s value has appreciated due to the much-expected spot Bitcoin ETF in the U.S.
At the time of writing, Bitcoin’s price is $34,600, representing over 12% increase in the past seven days.
Source: CoinStats
