According to recent reports from COINOTAG, on October 29, there was a notable spike in the **open interest** for Bitcoin futures contracts, surging by over **20,000 BTC** within a single day. This marks the largest increment in open interest since June 3, highlighting a significant shift in market dynamics. Currently, the total **open interest** in Bitcoin contracts has reached an impressive **$42.6 billion**.
Particularly striking was the performance of the contracts available through the **Chicago Mercantile Exchange (CME)**, which saw a **9% increase** in just 24 hours. The market positions have now hit **171,700 BTC**, translating to a substantial value exceeding **$12.22 billion**, thereby cementing CME’s position with a **30% share** of the futures open interest market. Such elevated levels of open interest are indicative of potential **volatility**, especially with impending contract expirations, as traders may rapidly adjust their strategies, potentially leading to significant **price swings**.