- Bitcoin futures open interest has reached a new high of the year.
- The level was last seen in 2021.
- Ether futures open interest has also gained significantly since the beginning of the year.
The total Bitcoin (BTC) futures open interest on centralized exchanges has surged over 30% since the beginning of the year, reaching the highest level last seen in 2021.
In crypto trading, open interest is the number of open or active positions in a derivatives market. The metric increases when open contracts outnumber closed contracts and decreases when more contracts are closed, exercised, or expired than opened.
BTC Futures Open Interest Reaches 2021 High Levels
According to the latest data by CoinGlass, the total open interest for Bitcoin futures reached $24.07 billion on Monday, a high level last seen in the final quarter of 2021 before the crypto market tumbled following the collapse of stablecoin TerraUSD.
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The latest Bitcoin futures open interest performance highlights increased trading activity around BTC. It coincides with BTC’s price rally to $52,106 as of press time, a 23% surge year-to-date, also rekindling a trend last observed in the last quarter of 2021.
Several factors could be attributed to the uptrend, including positive market sentiment driven by the “accelerated approval” of 11 Bitcoin exchange-traded funds ETFs by the Securities and Exchange Commission (SEC) on January 10. The funds wrapped up their first month of trading with over $10 billion in assets under management (AUM).
Meanwhile, the cumulative open interest for Ether futures has jumped 50% since the beginning of the year, reaching $10.54 billion as of Monday. Ether’s price had gained over 27% year-to-date and rallied to $2,908 as of press time, according to CoinMarketCap.
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Read why Coinbase’s payment portal dropped Bitcoin support:
Coinbase Crypto Payment Portal Drops Bitcoin Support
Stay updated on Binance’s four-week Bitcoin price prediction challenge:
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