RATE Group | Bitcoin Futures Open Interest Hits $3.5 Billion; Upward Trend to Continue?
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Bitcoin Futures Open Interest Hits $3.5 Billion; Upward Trend to Continue?

16 Jan Bitcoin Futures Open Interest Hits $3.5 Billion; Upward Trend to Continue?

Posted at 00:01h in Bitcoin News by

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The Bitcoin and wider cryptocurrency markets surprised observers yesterday as the market capitalisation of leading cryptos suddenly increased. January 14 started with the market at $217.5 billion, today that figure stands at over $238.8 billion.

The heightened market volatility appears to have attracted other traders to the market. Open interest in Bitcoin futures, for example, has soared to $3.5 million.

Does Rising Open Interest Hint of More Upside in Bitcoin?

Even for the cryptocurrency markets, yesterday was a bit of an anomaly. Across the board, digital assets went up. Standout performances came from the likes of Bitcoin SV, Dash, and Ethereum Classic.

As well as buying pressure increasing, so too is interest in Bitcoin futures. Cryptocurrency market analysis firm Skew highlighted the growth in open interest across all exchanges offering the Bitcoin derivative products.

Open interest refers to the total number of outstanding, or unsettled, contracts. Open interest rises as new…

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