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Open interest in Bitcoin Futures drops by over 5% across major exchanges

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Major cryptocurrency exchanges are seeing a relatively huge drop in open interest in Bitcoin Futures, likewise the open interest in Ethereum futures. This is coming at the time when the two largest cryptos by market capitalization are seeing more than a five percent decline in their prices, in the 24h period.

Open interest in Bitcoin Futures tanks 

Following the market data from Bybt, the overall open interest in Bitcoin futures across all the cryptocurrency exchanges sees a 24h change of -5.95 percent. The market is now worth $4.94 billion. Individually, Huobi, Binance, including CME Group is seeing a two-digit percentage drop in the market.

Precisely from Bybt, Huobi posts a 10.5 percent drop with the total OI now worth $679.02 million. Binance sees a 12.93 percent drop with $472.11 million as a total open interest in Bitcoin futures. CME took the biggest hit, as it sees a 13.06 percent decline. The total OI on the platform is now $596.62 million.

OKEx, the crypto exchange with the lion share of the market about $1.05 billion currently, sees only a 3.95 percent drop in open interest in Bitcoin, at the same time.

Bitcoin and Ether price drop

While the entire OI in Bitcoin futures dropped nearly six percent, that of Ethereum currently suffer more decline at -19.32 percent. The market is currently worth $1.42 billion. BitMEX is the exchange with the highest drop at -30.01 percent. Its OI in Ethereum futures now totaled to $208.42 million, according to Bybt.

The drop in the OI in both futures is coming as the price of Bitcoin and Ether has been decreasing. According to Coinmarketcap, Bitcoin sees a 24h price change of -5.14 percent, at the time of writing. Meanwhile, Ether has -8.62 percent.

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Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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