Bitcoin futures at historical high
October 21, 2024
On October 21, 2024, open interest (OI) in BTC futures reached $40.38 billion, setting a historical high. This event has caught the attention of investors and analysts, highlighting the growing interest in the first cryptocurrency.
Surge in interest on exchanges
Over the past 24 hours, OI in Bitcoin futures on the Chicago Mercantile Exchange increased by 1.28%. Additionally, on popular platforms like Binance and Bybit, the figures rose by 1.53% and 1.12% respectively. However, the largest jump was recorded on BingX, where interest in the assets surged by a remarkable 105.95%.
What is open interest?
For those unfamiliar with the term, OI in Bitcoin refers to the total number of outstanding futures or options contracts on BTC. This metric reflects the amount of money invested in derivatives at any given time, helping to assess overall market activity.
Digital gold on the rise
The market situation not only draws attention to futures — the price of the first cryptocurrency is also showing positive momentum.
It is important to note that in the last 24 hours, the price of BTC has increased by 1% and reached approximately $69,000. This growth, combined with the increase in OI, creates a positive backdrop for further market movement.