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Home»ADOPTION NEWS»Bitcoin futures open interest reaches highest level since November 2021
ADOPTION NEWS

Bitcoin futures open interest reaches highest level since November 2021

By Crypto FlexsFebruary 19, 20242 Mins Read
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Bitcoin futures open interest reaches highest level since November 2021
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Market • February 19, 2024 7:10 AM EST

Posted 1 minute ago In ~

Open Interest Bitcoin BTC

+1.40%
Futures on centralized exchanges have hit new highs this year, reaching levels not seen since November 2021 and highlighting increased trading activity around the biggest cryptocurrencies.

Total open interest in Bitcoin futures reached $22.9 billion on Monday, the highest since the fourth quarter of 2021 and close to the previous high of about $24 billion at the time, according to CoinGlass.

Open interest in Bitcoin futures has increased by more than 30% since early 2024. This increase coincides with the Bitcoin price rising to $52,300. This represents a 23% rise year-to-date and also marks a re-examination of levels last seen in December 2021.

Meanwhile, total open interest in Ethereum futures stands at $10.5 billion, up 50% from early 2024. Ethereum’s trading price rose to $2,900, reflecting a gain of more than 27% year-to-date.

Open Interest is a measure of the total value of all Bitcoin futures contracts that are outstanding or “unsettled” across exchanges and is an indicator of increased market activity and trader sentiment for a specific asset.

Bitcoin price chart | The Block Pricing Page

Market sentiment has been driven in part by the introduction of Bitcoin spot exchange-traded funds (ETFs) by companies including BlackRock and Fidelity over the past few months.

These ETFs have attracted more than $4 billion in inflows in a relatively short period of time, demonstrating investor interest in the broader cryptocurrency-based derivatives market.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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