Key Points

• Bitcoin futures’ open interest on centralized exchanges has reached an all-time high of $38 billion.
• Ethereum futures’ open interest has also experienced a significant increase, reaching $13.8 billion.

Bitcoin Futures at Unprecedented Levels

An unparalleled level of open interest has been achieved for Bitcoin futures on centralized exchanges. The total open interest reached a new high of $38 billion last Friday, marking a substantial milestone.

Since the beginning of 2024, the daily open interest in Bitcoin futures has surged dramatically. It has more than doubled from $17.2 billion on January 1, in alignment with Bitcoin’s price surge to $70,000, representing a 66% year-to-date increase.

Open Interest Indicating Market Activity

Open interest, which measures the total value of all outstanding Bitcoin futures contracts across exchanges, signifies heightened market activity and trader sentiment towards a specific asset. The current open interest level equates to a monthly volume exceeding $2.3 trillion in Bitcoin futures trading in March on various exchanges, the highest since May 2021.

Concurrently, the total open interest for Ethereum futures is at $13.8 billion, showing an almost 90% rise since the beginning of 2024. Ethereum’s trading price has also surged to $3,500, indicating a 53% gain year-to-date.

The market sentiment has been influenced by the introduction of Bitcoin spot exchange-traded funds (ETFs) by firms like BlackRock in recent months. This has led to cumulative net inflows exceeding $12 billion into Bitcoin spot ETFs up to now.