In a remarkable surge, the total Bitcoin Futures Open Interest (OI) has reached new heights, setting the stage for a potential revolution in the cryptocurrency market. Meanwhile, Coinshares Head of Research, James Butterfill, recently shared a pivotal chart on the X platform, emphasizing that the Total Bitcoin futures contracts on the CME have hit an all-time high.

In addition, the latest data suggested that many of the other major exchanges have also witnessed a notable surge in BTC Futures OI over the last 24 hours.

Bitcoin Open Interest On CME Hits ATH

The cryptocurrency market is witnessing a remarkable upswing as the total Bitcoin futures Open Interest (OI), according to Coinglass data, stands at an impressive 437.79K BTC or $20.43 billion. This surge, recorded on Tuesday, January 9, signifies a 10.31% increase over the last 24 hours, setting the stage for a monumental shift.

Meanwhile, as anticipation builds around the SEC’s potential approval of a Spot Bitcoin ETF this week, investors are eyeing the market dynamics closely. Quoting James Butterfill, the Head of Research at Coinshares, the increase in total Bitcoin futures OI is a clear indication of the market’s bullish sentiment.

Notably, the CME exchange alone witnessed a remarkable 15.45% rise in the last 24 hours, reaching $132.90K BTC or $6.19 billion. On the other hand, another major crypto exchange, Binance experienced a surge of 9.91% in Bitcoin Open Interest, with the OI standing at 97.34K or $4.55 billion.

Also Read: Solana (SOL) and XRP Gearing Up For A Mega Rally in 2024

Coinbase Sees Contrasting Trends

In a surprising turn of events, Coinbase has reported a 37.40% slump in Bitcoin Open Interest (OI) over the last 24 hours. The exchange’s figures now stand at 46.23K BTC or $2.16 million. Meanwhile, this dip highlights a potential divergence in market strategies among major crypto exchanges, raising questions about the varied approaches and expectations within the crypto community.

However, investors and analysts are closely monitoring these developments, recognizing the significance of Bitcoin OI as a key indicator for market sentiment. As the landscape evolves, the market awaits the SEC’s decision on Spot Bitcoin ETF approval, which could mark a transformative moment for the cryptocurrency ecosystem.

It’s worth noting that Bitcoin has recently crossed the $47,000 mark, indicating growing interests of the investors ahead of the potential Spot ETF approval. However, as of writing, the Bitcoin price traded at $46,594.29, witnessing a jump of 5.89% over the last 24 hours.

Also Read: BTC Derivatives Traders Wager $20 Bln On SEC Green Light

✓ Share:

Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor and crypto journalist at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.