Bitcoin Futures Open Interest Hits ATH Amidst Price Stagnation

Amidst the frustration of traders and investors due to the price stagnation, there has been a noticeable increase in the open interest for Bitcoin’s futures contracts, likely driven by heightened demand from institutional traders. Despite the lackluster derivatives markets, Bitcoin Futures Contracts Open Interest reached new high on Bybit, with potential implications for the market’s sentiment, as per Glassnode.
📈 #Bitcoin $BTC Futures Contracts Open Interest just reached a 16-month high of $2,816,492,332.03 on #Bybit
Previous 16-month high of $2,815,891,040.41 was observed on 14 August 2023
View metric:https://t.co/fFm13ZhEJc pic.twitter.com/7jLU0CED5f
— glassnode alerts (@glassnodealerts) August 16, 2023
A Surge in Bitcoin Futures Open Interest
Data from Glassnode shows a significant increase in the open interest of Bitcoin futures contracts, reaching a 16-month high of $2,816,492,332.03 on Bybit, surpassing the previous high of $2,815,891,040.41 just two days earlier.
BTC Futures Contracts Open Interest on Bybit, Source: Glassnode
As per Coinglass, a cryptocurrency futures trading & information platform, Bybit now ranks second in total BTC futures open interest with 96.60K BTC, only trailing behind Binance, which has 154.40K BTC.
Open interest represents the number of futures contracts market participants hold at the end of the trading day. It is calculated by adding all contracts from opened trades and subtracting them from closed trades, an indicator to gauge market sentiment and the strength of price trends.
Mixed Sentiment Among Traders
Despite the uptick in open interest, Bitcoin traders remain frustrated with the cryptocurrency’s price trends, specifically the inability to break past the $30,500 mark over the past month. This sentiment has been exacerbated by the ongoing delays and pending reviews of several spot Bitcoin exchange-traded funds (ETFs) by regulators.
Bitcoin’s price is currently $29,024.97, with a market cap of $564,802,228,909 and a 24-hour trading volume of $14,098,065,712. It has a circulating supply of 19,459,181 BTC coins, with a maximum supply of 21,000,000 BTC coins. The present market conditions suggest a lack of momentum for trading at or above the $31,000 level, which has left investors with mixed feelings.
BTC/USD price chart, Source: CoinMarketCap
Analysts have noted bearish trends on the price charts, which have left investors pessimistic. The price action is forming a pattern favorable for sellers, as it is topping out and consolidating near trendline support. If the BTC price breaches this support and trades below this zone, sellers may gain control and potentially drive the price below the $20,000 mark, as indicated by the formation of a double-top pattern.
- Bitcoin Edges Higher as Fed Chair Jerome Powell Fails to Comment on Monetary Policy
- Flare Network Surpasses $43M in Bridged XRP, Expert Predicts Breakout to New ATH
- Bitcoin, Ethereum Drag Broader Crypto Market Lower Ahead of FED Powell Speech
- Breaking: Ripple Partners With Bahrain’s Fintech Bay in Push for RLUSD Adoption
- XRP News: Why Whales Sold 440M Coins in a Month Despite ETF Launch Buzz
- Solana Price Prediction as SOL DAT Company Plans 5% Supply Acquisition—Analyst Targets $1,300 Breakout
- Bitcoin Price Prediction as US Govt. Shutdown Extends- What’s Next for BTC?
- Solana Price Megaphone Points to a Parabolic Move as SOL Treasuries Near $3B
- XRP Price Prediction Amid ETF Approval Roadblock as Analyst Warns of $2.72 Dip
- Binance Coin Price Prediction If It Surpasses Bitcoin Marketcap— Is $3000 Possible in 2025?
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?