A surge in Bitcoin (BTC) interest is observed on the world’s major cryptocurrency exchanges. Current data indicates an approach to annual records, and movements on major trading platforms, such as Binance and BitMEX, affirm this trend.
Interest in open Bitcoin contracts (abbreviated as OI) is nearing new annual peaks, especially on four key exchanges. Currently, the total value of these contracts stands at a staggering 464,000 BTC, closely approaching the January peak of 474,000 BTC.
Binance, one of the largest exchanges globally, has increased its OI share to levels seen during the FTX crash. Currently, it has allocated 161,000 BTC, translating to a $600 million increase in the past 24 hours [https://www.binance.com/].
BitMEX, one of the pioneering cryptocurrency trading platforms, is experiencing its highest Bitcoin interest yet, with an OI of 28,500 BTC. Other significant platforms, like OKX and CME, also show notable growth. For OKX, there was a jump from 53,000 BTC to around 60,000 BTC, while CME reported a growth of 10,000 BTC, from 73,000 to 83,000 BTC [https://www.bitmex.com/].
This rising interest is accompanied by a marked increase in both cash and crypto futures open interest. The term “cash” refers to the total value of futures contracts backed in US dollars or stablecoins pegged to USD. On the other hand, crypto margin pertains to futures contracts that are collateralized in cryptocurrencies, such as Bitcoin, rather than in dollars or stablecoins.
Currently, futures contracts collateralized in cryptocurrency account for a staggering 27% of the total open interest, a level not seen since June when Bitcoin was priced at $25,000 [https://coinmarketcap.com/].
Interest in open Bitcoin contracts currently represents over 2.25% of the market cap, also nearing annual highs. These figures confirm that Bitcoin continues to attract global investor attention, despite price fluctuations and the uncertainty surrounding the cryptocurrency market.
