Onchain Highlights
DEFINITION: Bitcoin futures open curiosity (OI) is the overall quantity of funds allotted in open futures contracts.
Bitcoin futures OI has seen an extra rebound not too long ago. As Bitcoin’s value approached $70,000 earlier this 12 months, futures OI reached unprecedented ranges, signaling renewed investor curiosity and market engagement. Previous CryptoSlate insights highlighted that the uptick in OI displays a big 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 12 months. This resurgence is attributed to elevated institutional participation, notably via CME, which has turn out to be a key indicator of institutional curiosity available in the market. The expansion in futures OI not solely highlights the renewed confidence amongst traders but in addition hints at potential market volatility and value actions as extra leverage enters the market.
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