Open interest in Bitcoin Futures spiked to new all-time highs before Coinbase was listed on the Nasdaq on April 14.
Crypto Market Data Collector Glassode indicated that Bitcoin opened interest in excess of $ 27 billion for the first time as Bitcoin hit a new high above $ 63,000.The milestone suggests traders may speculate on higher prices, although some may be protective. The incoming volatility
#Bitcoin Futures Open interest in major exchanges hit a record high of over $ 27B, while $ BTC touches a new ATH.
Charts: https://t.co/GqgQ98W7Mq pic.twitter.com/KYBQC9WZxC
̵1; glassnode (@glassnode) April 13, 2021
Lion’s share of trading is in Binance, with $ 5.2 billion in positions accounting for nearly 20% of all dominant positions available on the exchange, followed by Bybit with $ 4.66 billion OKEX at 3.75. Billions of dollars, then Huobi, FTX and CME, with an estimated value of $ 3 billion.
Despite the record open interest But Bitcoin futures volumes have fallen over the past month, down from $ 117 billion as of March 15 to between $ 50 billion and $ 75 billion during April, according to aggregators. Crypto derivative data, Skew
The lower volumes could indicate that traders are more cautious about opening new positions as close to date for Coinbase listings, with a significant share of open interest likely to represent that position. Open during the last week and month
Of the $ 75 billion BTC futures that changed hands over the past 24 hours, Binance is worth more than a third of the $ 26.9 billion volume, followed by Huobi with $ 14.5 billion OKEx 12.7 billion. Million Dollars and $ 10.6 Billion Bybit
In contrast, open interest in Bitcoin options has waned as the $ 6 billion contract ended at the end of March. The volume of options increased during the month of April, with data suggesting that many traders hedged their positions as billions of people were mobilized to hedge their mistakes down to 40,000. Dollar last week
Bitcoin is not the only market that derivatives traders are speculating, as open interest in Ethereum futures also skyrocketed to a record above $ 8 billion due to volumes that have increased over the past several weeks.
The Ethereum options market is also on the rise, with open interest reaching a 30-day high near $ 3.2 billion. Ether options volumes jumped 90% overnight, rising from $ 200 million to $ 380 million.
However, many Ethereum traders seem to have ignored Coinbase’s list this week, with analyst Cantering Clark noticing prices targeting volumes above $ 3,200 at the end of June earlier this month.