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Bitcoin futures trading has skyrocketed, with open interest on centralized exchanges hitting a new high of $38 billion, as reported by CoinGlass. This significant increase, more than doubling since the start of 2024 from $17.2 billion, mirrors bitcoin’s impressive price climb to $70,000—a 66% boost this year alone. This surge in trading activity, marked by the highest monthly bitcoin futures volume of over $2.3 trillion in March since May 2021, reflects growing enthusiasm and investment in the cryptocurrency.
Meanwhile, ether futures are not far behind, with open interest soaring nearly 90% to $13.8 billion since January, pushing Ether’s price to $3,500, a 53% increase in the same period. The growing interest in cryptocurrencies is further fueled by the introduction of bitcoin spot ETFs by leading firms like BlackRock, drawing over $12 billion in net inflows to bitcoin spot ETFs, underscoring the expanding influence and adoption of digital assets in the investment world.
