RATE Group | This Bitcoin Metric Is Over 100% Higher in 2 Months, and It’s Critical for Bulls
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This Bitcoin Metric Is Over 100% Higher in 2 Months, and It’s Critical for Bulls

14 Feb This Bitcoin Metric Is Over 100% Higher in 2 Months, and It’s Critical for Bulls

Posted at 11:03h in Bitcoin News by

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Over the past 60 days, Bitcoin has found itself rocketing higher, rallying from a low of $6,400 to a local top of $10,500 in the span of two months.

Related Reading: Ethereum Explodes 15% Higher to $250 in 1 Day: Are More Gains Imminent?

Bitcoin’s Booming Open Interest May Set Stage for Surge

Over the past few years, as institutional traders and more serious players have entered the Bitcoin market, the demand for future derivatives for the cryptocurrency has exploded.

This was confirmed with a report from industry outlet The Block.

They reported that as of February 13th, the aggregated amount of open interest on Bitcoin futures contracts surpassed $5 billion, with traders on BitMEX, OKEx, Bakkt, CME, and other key platforms throwing billions of dollars at the asset.

This is far above the approximately $4 billion in open interest seen in January of the $2.5 billion in December.

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