In a remarkable surge, the total Bitcoin Futures Open Interest (OI) has reached new heights, setting the stage for a potential revolution in the cryptocurrency market. Meanwhile, Coinshares Head of Research, James Butterfill, recently shared a pivotal chart on the X platform, emphasizing that the Total Bitcoin futures contracts on the CME have hit an all-time high.
In addition, the latest data suggested that many of the other major exchanges have also witnessed a notable surge in BTC Futures OI over the last 24 hours.
The cryptocurrency market is witnessing a remarkable upswing as the total Bitcoin futures Open Interest (OI), according to Coinglass data, stands at an impressive 437.79K BTC or $20.43 billion. This surge, recorded on Tuesday, January 9, signifies a 10.31% increase over the last 24 hours, setting the stage for a monumental shift.
Meanwhile, as anticipation builds around the SEC’s potential approval of a Spot Bitcoin ETF this week, investors are eyeing the market dynamics closely. Quoting James Butterfill, the Head of Research at Coinshares, the increase in total Bitcoin futures OI is a clear indication of the market’s bullish sentiment.
Notably, the CME exchange alone witnessed a remarkable 15.45% rise in the last 24 hours, reaching $132.90K BTC or $6.19 billion. On the other hand, another major crypto exchange, Binance experienced a surge of 9.91% in Bitcoin Open Interest, with the OI standing at 97.34K or $4.55 billion.
Also Read: Solana (SOL) and XRP Gearing Up For A Mega Rally in 2024
In a surprising turn of events, Coinbase has reported a 37.40% slump in Bitcoin Open Interest (OI) over the last 24 hours. The exchange’s figures now stand at 46.23K BTC or $2.16 million. Meanwhile, this dip highlights a potential divergence in market strategies among major crypto exchanges, raising questions about the varied approaches and expectations within the crypto community.
However, investors and analysts are closely monitoring these developments, recognizing the significance of Bitcoin OI as a key indicator for market sentiment. As the landscape evolves, the market awaits the SEC’s decision on Spot Bitcoin ETF approval, which could mark a transformative moment for the cryptocurrency ecosystem.
It’s worth noting that Bitcoin has recently crossed the $47,000 mark, indicating growing interests of the investors ahead of the potential Spot ETF approval. However, as of writing, the Bitcoin price traded at $46,594.29, witnessing a jump of 5.89% over the last 24 hours.
Also Read: BTC Derivatives Traders Wager $20 Bln On SEC Green Light
The U.S. Senate Banking Committee has released an updated version of the draft Crypto Market…
Strategy, led by Executive Chairman Michael Saylor, has been left out of the latest S&P…
SOL Strategies Inc. has received approval to be listed on the Nasdaq Global Select Market.…
Ethereum (ETH) price fell sharply as Fidelity, Grayscale, and VanEck drove heavy ETF outflows, but…
SharpLink has reaffirmed its full compliance with Nasdaq rules, dismissing speculation about shareholder approval requirements.…
A deal with Crypto.com has led to the establishment of a Cronos Treasury by the…