As Bitcoin approaches $100,000, BTC and ETH open interest contracts set historic highs.

As Bitcoin approaches $100,000, the open interest contracts for Bitcoin and Ethereum in the futures market have both reached historic highs in trading over the past 24 hours.

On November 22, Bitcoin's open interest reached a peak of $57 billion within the past 24 hours. Meanwhile, Ethereum's open interest during the same period increased by 12%, reaching a historic high of $20.8 billion. After a sharp decline at the beginning of the month, both cryptocurrencies have seen their cumulative open interest reach new historical highs.

Open interest contracts are an indicator in the crypto industry, used to show the number of open futures contracts utilized by exchanges. Higher open interest indicates stronger liquidity and greater demand for crypto assets.

Just hours after Bitcoin set a historic high of $99,486, nearing the $100,000 mark, Ethereum also rose by 7%.

According to Coinglass, the BTC open interest contracts are currently at $64.08 billion, most of which come from CME. CME holds over 33% of Bitcoin futures open interest contracts, totaling 216,820 BTC, valued at $21.23 billion.

Next is Binance, the cryptocurrency exchange with the largest trading volume, holding 19.2% of the total BTC open interest, with open interest contracts exceeding 124,740 BTC, valued at approximately $12.22 billion.

Bybit ranks third, holding 13.39% of BTC open interest, amounting to 87,020 BTC or $8.53 billion, while Bitget and OKX are in the top five, accounting for 9.87% and 8.4%, respectively.

In terms of Ethereum, the total amount of ETH open interest contracts is $20.08 billion. Unlike Bitcoin, Binance holds most of the ETH open interest contracts, accounting for 31.19% with a total of 1.9 million ETH, valued at $20.09 billion.

Bybit ranks second, holding 18.18% of ETH open interest, with 1.11 million ETH, valued at approximately $3.65 billion. Third is CME, holding 663,180 ETH, valued at $2.19 billion. CME holds about 10.88% of the total market ETH open interest.

OKX and HTX made it into the top five, with market shares of 9.38% and 7.82%, respectively.