- With an extraordinary surge, the total Open Interest (OI) in Bitcoin
Futures is paving the way for a potential revolution in the cryptocurrency market.
- According to Coinglass data, the total Open Interest in Bitcoin futures has seen a remarkable increase to 437.79K BTC or $20.43 billion.
- Coinbase reported a 37.40% decrease in Bitcoin Open Positions in the last 24 hours. The exchange’s figures currently stand at 46.23K BTC or $2.16 million.
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The increasing interest in Bitcoin futures has set a new record in the open position amount on CME!
New Record in Open Positions in Bitcoin
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With an extraordinary surge, the total Open Interest (OI) in Bitcoin Futures is paving the way for a potential revolution in the cryptocurrency market. Meanwhile, James Butterfill, the Research Head at Coinshares, shared a significant chart on the X platform emphasizing that Total Bitcoin futures contracts have reached an all-time high on CME.
Furthermore, the latest data shows that other major exchanges have also experienced a notable increase in BTC Futures Open Positions in the last 24 hours. According to Coinglass data, the total Open Interest in Bitcoin futures has seen a remarkable increase to 437.79K BTC or $20.43 billion. This increase recorded on Tuesday, January 9, represents a 10.31% rise in the last 24 hours, laying the groundwork for a significant shift.
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Meanwhile, as expectations rise for the possible approval of the Spot Bitcoin ETF this week, investors are closely monitoring market dynamics. According to James Butterfill, Research Head at Coinshares, the increase in total Open Positions in Bitcoin futures is a clear indicator of a bullish trend in the market.
In particular, the CME exchange reached 132.90K BTC or $6.19 billion, a significant increase of 15.45% in the last 24 hours. On the other hand, another major crypto exchange, Binance, experienced a 9.91% increase in Bitcoin Open Positions, reaching 97.34K BTC or $4.55 billion in OI.
Interesting Trends from Coinbase
In an unexpected turn, Coinbase reported a 37.40% decrease in Bitcoin Open Positions in the last 24 hours. The exchange’s figures currently stand at 46.23K BTC or $2.16 million. This decline highlights a divergence in market strategies among major crypto exchanges, raising questions about various approaches and expectations within the crypto community.
However, investors and analysts, recognizing that Bitcoin OI is a significant indicator of market sensitivity, are closely monitoring these developments. As the landscape evolves, the market awaits the SEC’s decision on the approval of the Spot Bitcoin ETF, which could mark a transformative moment for the crypto ecosystem.
As an important note, Bitcoin recently surpassed $47,000, indicating investor interest ahead of potential Spot ETF approval. However, at the time of writing, the Bitcoin price is trading at $46,600, witnessing a 5.89% increase in the last 24 hours.