Open interest Bitcoin futures soar to $27 billion


TL;DR Breakdown:

  • Open interest in Bitcoin futures has reached another record of $27 billion, following the increase in BTC to $62,000.
  • Binance leads the path with over $5 billion in open interest.

Open interest (OI) in Bitcoin futures increased significantly over the past months amid the massive growth of BTC in market value. Today, BTC futures OI reached another record high, following the recent increase in the value of BTC to over $62,000.

During press time, Bitcoin was trading at $62,519 on Coinmarketcap, which represents a nearly three percent increase over the last 24 hours. BTC is only a few points away from beating the current all-time high (ATH) of $62,839, as per Coinmarketcap.

OI in Bitcoin futures soars amid $62k BTC

As Bitcoin reclaimed the $62,000 price range, the open interest in BTC futures spiked to another high, according to ByBt. There are currently 433.28k BTC in open interest, which sums to over $27 billion in today’s price. This represents about a six percent increase over the last 24 hours across all the derivative exchanges.

Binance sees the largest OI in Bitcoin futures. Within the last 24 hours, the OI increased by about eight percent to 82.7k BTC (i.e., $5.18 billion). Bybit follows the list with about $4.37 billion in open interest. Other leading derivative exchanges include OKEx ($3.78 billion), Huobi ($3.05 billion), CME ($2.98 billion), FTX ($2.95 billion).

How soon until $100k BTC?

Following the rate at which BTC is increasingly being adopted, many industry experts and analysts expect BTC to hit a six-digit value this year or next. Recently, Alex Mashinsky, the CEO of digital asset lending company, Celsius Network, predicted that the cryptocurrency would hit $100,000 towards the end of the year.