Open interest in Bitcoin futures on centralized exchanges has reached a new high for the year, reaching levels not seen since November 2021 and highlighting increased trading activity around the largest cryptocurrency.
According to CoinGlass, total open interest in bitcoin futures reached $22.9 billion on Monday, the highest level since the fourth quarter of 2021, and closely matching the peak of about $24 billion achieved at the time.
Since the beginning of 2024, open interest in Bitcoin futures has increased by more than 30%. This increase is in line with Bitcoin's price rally to $52,300 – a 23% rise year to date, which is also a revisit of the level last seen in December 2021.
Meanwhile, total open interest in Ethereum futures stands at $10.5 billion, representing a 50% increase since the beginning of 2024. Ethereum's trading price has risen to $2,900, reflecting a gain of more than 27% year-to-date.
Open interest, a measure of the total value of all outstanding or “unsettled” Bitcoin futures contracts across exchanges, is an indicator of increased market activity and trader sentiment around a particular asset.
Bitcoin price chart | Block pricing page
Over the past two months, the introduction of Bitcoin exchange-traded funds (ETFs) by companies including BlackRock and Fidelity has partly driven market sentiment.
These ETFs have attracted inflows of more than $4 billion in a relatively short time frame, demonstrating investor interest in the broader cryptocurrency-based derivatives market.
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