1D
...
Bitcoin’s open interest in futures contracts soared to a new peak of $40.8 billion on October 21, signaling heightened market activity as the cryptocurrency approached the $70,000 mark. This unprecedented level of open interest, reported by CoinGlass, reflects a robust investment in Bitcoin derivatives, suggesting increasing leverage and potential volatility in the market.
The Chicago Mercantile Exchange (CME) dominated the futures market, accounting for 30.6% of the total open interest, with Binance and Bybit following at 20.4% and 14.8%, respectively. The surge in derivatives trading is a strong indicator of investor confidence and speculative interest as Bitcoin prices teeter near historic highs.
Bitcoin reached a high of $69,380 in early trading but faced resistance and slightly retreated. Despite this, the strong derivatives market performance points to a sustained bullish outlook among traders, underlining the growing mainstream acceptance and investor enthusiasm for Bitcoin.
