Bitcoin continues to surprise investors with new records in futures open interest. Price fluctuations and U.S. election results have impacted the market.
New Peak in Open Interest
The open interest (OI) in bitcoin futures reached $55.7 billion, driven by increased investor interest in the cryptocurrency. According to Coinglass, the recent BTC price surge, following the U.S. election, helped raise the open interest from a low of $26.65 billion in August.
Bitcoin Across Exchanges
The majority of the open interest increase comes from the Chicago Mercantile Exchange (CME), holding 32.3% of the total Bitcoin futures OI. Following CME, Binance holds 19.47% and Bybit 13.49%. Bitcoin is also present on Bitget and OKX with shares of 9.9% and 7.91% respectively.
Outlook and Predictions
Although Bitcoin reached $93,480, it didn't stay at this level. However, the rise in open interest suggests investor optimism. Bitcoin may seek support at $88,000, $87,113, and $83,258 soon. Even though the Commodity Channel Index shows overbought conditions, overall market sentiment remains positive.
Bitcoin reaches new heights in open interest, drawing attention from investors worldwide. While short-term corrections may occur, the long-term outlook remains favorable.
