Unprecedented $37.55 Billion Bitcoin Futures Open Interest Achieved
In a remarkable development, the combined open interest in bitcoin futures reached an all-time high of $37.55 billion on Friday, March 29, 2024. This surge comes amidst a thriving bitcoin market and a growing interest from institutional investors.
The escalating interest in bitcoin derivatives since the end of 2023 has led to new records being set. According to data from coinglass.com at 1:25 p.m. Eastern Time on Friday, BTC futures now boast an open interest (OI) worth $37.55 billion, which is approximately equivalent to 539,430 BTC.
Notably, a significant $11.5 billion of this impressive sum can be attributed to CME Group, making it the leading derivatives trading platform for BTC futures. Following closely behind is Binance with $8.22 billion in OI, followed by Bybit with $5.29 billion, Bitget with $3.82 billion, and Okx with $3.13 billion. Deribit and Bingx hold OI ranging from $1.74 billion to $2.63 billion, respectively.
Although Ethereum (ETH) futures haven’t reached their peak, they have also experienced a noteworthy increase in OI recently. As of Friday, there is $13.68 billion in OI for ether-based futures. Across all cryptocurrency futures, the total OI stands at $78 billion, indicating a slight decrease of 2.46% from the previous day.
What are your thoughts on the new heights reached by bitcoin futures open interest this week? Feel free to share your opinions on this subject in the comments section below.
