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Bitcoin futures open interest surged to an all-time high of $54.85 billion by November 14, a dramatic 58% increase since October, driven by robust trading following the US election. The futures market saw unprecedented activity, with daily volumes peaking at $207 billion, marking one of the highest in trading history. This uptick signifies a growing confidence and increased capital influx into the cryptocurrency sector.
Significant growth was also noted on major platforms like Binance and CME, with Binance’s open interest climbing steadily to $10.61 billion and CME’s spiking to $17.94 billion. This trend reflects a strong preference among both retail and institutional traders, highlighting Bitcoin’s appeal across diverse investor bases. The rise in institutional investment, particularly on CME, underscores a broader acceptance of Bitcoin as a viable investment.
The market’s response to political events, such as the recent US election, where Bitcoin’s price jumped from $67,830 to $93,500 in a week, further bolsters the bullish sentiment. The subsequent drop in volume indicates a strategic consolidation of gains, suggesting that while the market remains volatile, the long-term outlook is optimistic with sustained interest from traders aiming to leverage Bitcoin’s potential.
