Bitcoin’s open interest, the total number of outstanding derivative contracts that have not been settled has surged to levels not seen in over six months. So far, analysts are keenly observing these fluctuations, interpreting them as signals for future market movements.
With Binance’s open interest slightly surpassing the CME’s figures, Van Straten suggests that this trend could indicate a growing interest in Bitcoin futures, which may reflect a “positive shift” in market sentiment. The implications of this rising open interest, however, are not universally seen as positive.
Bitcoin’s price is mirrored by a notable drop in its daily trading volume, which has fallen sharply from last week’s high of $21 billion to a current figure of just $3.8 billion within the past day. This reduction in volume may be indicative of a cooling off in trading activity.
At the time of writing this article, BTC is trading around $35,400 (1.8% up in the last 24 hours) with a market capitalization of $691 Billion.