Open interest in Bitcoin futures surge to almost $5.4 billion

• OI Bitcoin futures have surged to a valuation of $5.3 billion.
• The growing interest in BTC futures follows the increases in Bitcoin prices.

The total open interest (OI) in Bitcoin futures have continued to surge as the cryptocurrency itself posts huge price gains. The growing OI in BTC futures somewhat suggests an increasing level of interest in the cryptocurrency, probably due to the upticks in Bitcoin price. Bitcoin reportedly ended that past month with about a 30 percent increase. A few hours today, the leading digital currency surged to over $14,000 during the US election period. 

OI in Bitcoin futures nears all-time high

According to the market information of ByBt, the total number of open interest in Bitcoin futures presently sums to $5.35 billion. Note that open interest in the number of Bitcoin futures (or other derivative contracts) that have not been settled. Previously on October 23, the value of the total open interest summed to $5.17 billion. Following the current data, there has been an $0.18 billion addition within two weeks. 

As Bitcoin continues to rise, it’s more likely that the open interest might surpass the all-time high (ATH) at $5.7 billion. At the moment, the Malta-based cryptocurrency exchange, OKEx, has the largest share of open interest in Bitcoin futures. OKEx exchange accounts for $1.06 billion of the total open interest, according to ByBt. Binance, the Chicago Mercantile Exchange (CME), and BitMEX hold about $0.85, $0.78, $0.62 billion, respectively.

Bitcoin surge to $14K

Additionally, the Bitcoin futures 24hrs exchange volume totaled over $5 billion, according to Skew, a crypto market analytics platform. It’s agreeable to note that the growing interest in Bitcoin derivatives somewhat relates to the bullish trends in the cryptocurrency’s price. Messari explained in a recent publication.

“Macro Outlook: Bitcoin and the US Election,” the high rate of open interest combined with Bitcoin’s surging price—it’s moved from near $4,000 in March as the global economy all but shut down because of COVID to $14,000 today—could be good for Bitcoin.”