Crypto market analyst CoinGlass recently alerted the crypto community that the total open interest in Bitcoin futures contracts has reached a record high of over $40 billion. This move reflects a 4.28% increase from its last all-time high of $39 billion in March 2024.
Open interest is the total number of unclosed contracts on a particular asset. In the case of Bitcoin futures, the total value of unsettled BTC futures contracts in different exchanges is measured.
Notably, high open interest can increase volatility and potential liquidations if prices move sharply, resulting in flush-outs that drive down Bitcoin’s price. However, the market sentiment remains optimistic, with BTC’s current strong performance of over $68,000.
Top Markets in BTC Open Interest
Data from CoinGlass at press time shows that the Chicago Mercantile Exchange (CME), the most extensive futures and options trading marketplace, dominates open interest, accounting for 30.49% of the total market share.
Binance, the world’s largest crypto exchange, ranks second with over 122,000 BTC open interest, giving it a market share of 20.63%. Bybit exchange, in third place, holds 14.87% of unexpired BTC futures contracts.
Popular crypto exchanges like OKX, Bitget, and HTX, along with others, make up the remaining 34%. American crypto exchange Coinbase ranks last in the top 15 list with a very insignificant market share of 0.04%.
Bitcoin Keeps Gaining Traction
According to CoinMarketCap stats, Bitcoin’s trading at over $68,000 puts it about 7.7% away from its last all-time high of $73,750. This latest rally can be attributed to several key factors. One primary driver is the growing involvement of big-name financial institutions, which lend credibility and stability to the crypto market.
Global macroeconomic trends are also driving investors towards Bitcoin. With central banks injecting liquidity into the economy, traditional currencies are losing value due to inflation. Bitcoin’s fixed supply of 21 million coins makes it an attractive store of value, resistant to inflationary pressures.
Bitcoin Exchange-Traded Funds (ETFs) are gaining popularity. It offers investors a regulated and accessible way to invest in Bitcoin without directly owning the crypto asset, making BTC more appealing to a broader range of investors.
