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 value 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 change into a key indicator of institutional curiosity out there. 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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