Record dell’open interest per i futures su Bitcoin

L’open interest sui futures di Bitcoin has reached an unprecedented peak, recording an all-time high after the latest price increase.

According to data provided by Coinglass, Overall open interest in Bitcoin futures has surpassed $26 billion on centralized exchanges. Let’s see all the details below.

Open interest in Bitcoin futures exceeds all expectations

As anticipated, based on data provided by Coinglass, open interest in Bitcoin futures on centralized exchanges has recently reached its historic high.

This increase exceeds the levels seen in November 2021, when Bitcoin marked its all-time high by more than $68,000, highlighting an increase in trading activity linked to the main cryptocurrency.

CoinGlass reports that aggregate open interest for Bitcoin futures has exceeded 26 billion dollarslast Friday, even surpassing the peak of $24 billion reached in the last quarter of 2021.

Since the beginning of 2024, open interest in Bitcoin futures has seen an increase. This parallels the rise in the price of the digital asset, recently culminating in a high of over $64,000 earlier this week.

Open interest, which represents the overall value of all Bitcoin futures contracts active on the various exchanges, is configured as an indicator of the growing market activity and the sentiment of operators towards the asset.

This notable surge in open interest is confirmed by data from The Block’s Data Dashboard. Which highlights a peak of over $21 billion in open interest for Bitcoin futures on platforms such as Binance, OKX, Deribit and others.

QCP Capital: Retail exchanges like Binance dominate Bitcoin futures price action

QCP Capital’s market report on Friday indicated that retail-oriented exchanges, such as Binancehave played a predominant role in the price movement of Bitcoin perpetual futures over the past week.

During this period, such futures have traded at premiums of between $70 and $80 to the spot price.

The report highlighted that Bitcoin’s recent rally, which surpassed $64,000, was fueled by an increase inspeculative retail buying.

The Weekly Market Report of Coinbase added another relevant aspect. Specifically indicating that the open interest weighted average borrowing rate reached 109% annualized on February 28th.

This level has not been observed since April 2021, according to Glassnode.

In the period between February 25 and 28, nearly $750 million in short positions were liquidated. Furthermore, with each day marking a new yearly high in liquidations.

However, Coinbase analysts believe that while it is nearing the end of its short position coverage, it is not quite over yet.

The Coinbase report also highlighted that the recent positive movement in funding rates and open interest could have consequences. Especially if the liquidation of positions triggered a cascade of long liquidations.

Despite this, Coinbase analysts maintain a overall positive outlook for the next few months.

Considering the continued boarding of spot ETFs by asset management companies and the net inflows that absorb the circulating liquid supply at a faster rate than bitcoin miners.