Onchain Highlights
DEFINITION: Bitcoin futures open curiosity (OI) is the entire quantity of funds allotted in open futures contracts.
Bitcoin futures OI has seen an additional rebound just lately. As Bitcoin’s worth approached $70,000 earlier this yr, futures OI reached unprecedented ranges, signaling renewed investor curiosity and market engagement. Previous CryptoSlate insights highlighted that the uptick in OI displays a major rebound within the futures market, following a interval of decline post-FTX collapse, which had erased 40% of open contracts.
As of now, roughly $29 billion is allotted in futures contracts, a marked restoration from the lows seen in late 2022 and near highs set in March of this yr. This resurgence is attributed to elevated institutional participation, notably by way of CME, which has turn into a key indicator of institutional curiosity available in the market. The expansion in futures OI not solely highlights the renewed confidence amongst buyers but additionally hints at potential market volatility and worth actions as extra leverage enters the market.
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