Open Interest in Bitcoin Futures Reaches Levels Last Seen in November 2021

Reading Time: < 1 minute

The current volume of open positions in Bitcoin futures on centralized exchanges has reached levels not seen since early November 2021, according to data from CoinGlass.

As of February 20, the total volume has reached $22.69 billion, with the majority being traded on the regulated exchange CME at $6.77 billion.

Binance follows closely at $5.89 billion, with Bybit at $4.04 billion. This surge in volume is taking place amid a rise in the price of Bitcoin, causing open interest (OI) in Bitcoin futures to increase by over 30% since the beginning of the year.

Similarly, OI for Ethereum-based contracts is also approaching $10 billion, marking a 50% increase since the start of the year. This rise in OI aligns with the ~25% increase in the price of Ethereum during the same period.

Open interest is considered as an indicator of market activity and the sentiment of traders towards a particular asset. It is noteworthy that CME, which surpassed Binance to become the platform with the largest OI in the fall, continues to maintain its lead.