Bitcoin Open Interest Tops $20 Billion Amid Spot ETF Approval Anticipation
The open interest in Bitcoin futures contracts across the entire network has surged to 435,700 BTC, approximately valued at $20.443 billion.
The opened positions of Bitcoin’s futures contracts witnessed an 11% increase in the past 24 hours, reflecting heightened investor interest and anticipation surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States.
The leading position is held by the CME Bitcoin contract, boasting an open interest of 132,900 BTC, equivalent to approximately $6.225 billion. As per Coinglass data, this contract has experienced a 16.76% surge in open interest over the past 24 hours, highlighting increased volatility in the market.
Following closely is the Binance Bitcoin contract, securing the second position with an open interest of 96,900 BTC, or approximately $4.547 billion, representing a 10.67% increase in the same period.
The fervor around the anticipated approval of a spot Bitcoin ETF has not only fueled optimism but also led to significant market moves. Bitcoin (BTC) prices surged as much as 9% on Monday, reaching levels above $47,000 for the first time since March 2022. This surge has resulted in substantial losses for traders who bet against higher Bitcoin prices, with over $100 million liquidated in the past 24 hours.
Among the exchanges, OKX recorded the most significant losses for traders at $84 million, closely followed by Binance with losses totaling $71 million. The surge in Bitcoin price triggered a cascade of liquidations as traders holding leveraged positions faced margin calls due to the rapid and substantial price increase.
The 11% jump in open interest in the past 24 hours suggests that traders are actively participating in the market,
Read more on cryptonews.com
