The open interest in bitcoin futures hit a new peak of $39.8 billion on July 29 after sitting at $37.49 billion just the day before. Meanwhile, the price of bitcoin spiked to over $69,700 on the excitement surrounding the recent Bitcoin2024 conference in Nashville. Leading this charge was CME, with the highest open interest of 161.1K BTC, indicating strong institutional engagement in the derivatives market. Not far behind, the open interest for BTC on Binance reached 128.8K BTC, indicating a sizeable amount of retail involvement.

The speculation has been about major events, such as President Trump endorsing a Bitcoin reserve plan in his keynote at the conference, which drove bullish momentum on platforms like Bybit and Bitget.

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