Bitcoin Futures Market Attracts Unprecedented Open Interest as Derivatives Appetite Grows
The latest bitcoin derivatives data indicates a continued climb in bitcoin futures open interest, hitting all-time peaks. Over the last day, statistics reveal an open interest of $32.30 billion across fourteen distinct bitcoin futures markets.
Soaring Open Interest in BTC Futures Signals Growing Derivatives Market
Friday, March 8, 2024, marked a notable day when BTC soared to a new peak price of $70,184 per coin at 10:30 a.m. Eastern Time. Although the price later declined, the bounce back was quicker compared to the substantial volatility bitcoin witnessed on March 5. The latest crypto rally has triggered a noticeable increase in open interest for crypto futures, particularly in bitcoin. Data indicates a total of $32.30 billion in open interest recorded in the last day, with CME Group at the forefront.
CME Group leads with $10.07 billion in volume, followed by Binance with approximately $7.21 billion. Bybit and Okx have reported $4.88 billion and $3.18 billion in open interest, respectively, over the last 24 hours. The leading three markets have also experienced increases in open interest in the same timeframe. Currently, bitcoin’s 24-hour open interest represents 48.2% of the $67 billion total across all crypto economy futures.
For example, on Friday, ETH futures markets saw $13.24 billion in open interest, and SOL futures reached about $2.50 billion. There have also been significant liquidations of long and short positions over the past week. In the last 24 hours, as BTC approached the $70K mark, the entire crypto economy saw $311.76 million in liquidations. Of this, $152.71 million were long positions, and $159.02 million were short, with $96.89 million of this total stemming from BTC short positions, which were eliminated over the past day.
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