open interest bitcoin futures Trading on centralized exchanges has reached a new peak. On Friday, that number reached $38 billion, according to CoinGlass. This is a significant milestone and signals increased trading activity around Bitcoin.
Bitcoin futures open interest will surge in 2024
Since the beginning of 2024, the growth in daily Bitcoin futures open interest has been significant. Open interest has more than doubled from nearly $17.2 billion as of January 1 of this year. This development is bitcoin price That increased to $70,000, a 66% increase since the beginning of the year. The record open interest reflects increased trader and investor sentiment and market activity around Bitcoin.
Open interestis a quantification of the total value of outstanding Bitcoin futures contracts, reflecting the market's vibrancy. Monthly trading volume in March exceeded $2.3 trillion across various exchanges, the highest since May 2021. These numbers show that enthusiasm and involvement in Bitcoin futures trading is increasing.
Ether futures reach $13.8 billion amid gains
Following that, Ether futures also experienced significant growth. The company's total open interest reached more than $13.8 billion, a nearly 90% jump since the beginning of the year. Meanwhile, Ether price rose to $3,500, marking an increase of over 53% since the beginning of the year.
The market mood was further boosted by the launch of Bitcoin spot exchange-traded funds (ETFs) by industry leaders such as BlackRock. More than $12 billion in inflows have been funneled into these Spot BTC ETFhas a positive impact on market dynamics.
adam back, Blockstream CEO was bullish on Bitcoin reaching new heights. However, there are some challenges in the market. For example, Grayscale's spot BTC ETF, GBTC, has suffered massive outflows, pointing to liquidity strains from stressed companies such as Gemini and Genesis.
These outflows of funds, including those due to liquidations by bankrupt companies, highlight the complexity of the market. Despite these challenges, the outlook remains positive as traditional financial companies experience a pause in activity over the big weekend and GBTC outflows are likely to stabilize.
Also read: Bitcoin Price Prediction: BTC$ is expected to rise above $75,000 on shark-led momentum
The published content may include the personal opinions of the author and may be subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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