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.
- Grayscale’s GDLC Fund Holding SOL and ADA Gets SEC Nod for NYSE Debut
- Crypto Market Rally: Will Bitcoin Catch Up With S&P 500 Gains After Fed Rate Cut?
- Ripple Partners DBS, Franklin Templeton To Launch Trading And Lending Backed by RLUSD
- XRP, SHIB, HBAR Among 15 to Get Faster Crypto ETF Approval Under SEC’s New Rule
- ‘Great Progress’: Cardano Founder Shares Update After CLARITY Act Roundtable
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
