The open interest in Bitcoin futures on the CME (Chicago Mercantile Exchange) has reached new all-time highs, with significant figures reported. The average open interest for Bitcoin futures was 129,690.00, showing a week-over-week change of 1.86%. Ethereum futures also saw an increase, with an average open interest of 345,150.00, changing 2.64% week-over-week. The notional open interest in Bitcoin futures crossed the $10 billion mark for the first time, with global open interest in all futures markets surpassing $60 billion. More than one-sixth of this global interest is attributed to the CME alone. The basis for three-month futures on Bitcoin touched 30% annualized. Additionally, the total notional open interest in CME Bitcoin futures hit over $10.3 billion, with 28,899 contracts open and 495,380 $BTC in futures open interest. Bitcoin's perpetual futures funding rates on Deribit reached 276% as prices soared to record highs above $71,000, indicating a potentially overheated market. The current volume of Bitcoin in futures open interest is significant enough to trigger sharp volatility spikes. This surge in open interest and leverage usage has led to debates on whether it is a bullish or bearish signal for the market.
"The current 495,380 $BTC in futures open interest is substantial enough to trigger sharp volatility spikes as #Bitcoinβs price fluctuates." @Cointelegraph https://t.co/62gN6VsHid
Bitcoin futures open interest has hit a new all-time high as traders use more leverage. @noshitcoins investigates whether the surge in open interest is bullish or bearish. https://t.co/yuysZToIZ1
π #Bitcoin's perpetual futures funding rates hit 276% on #Deribit as prices soared to record highs above $71,000 early Monday, indicating a potentially overheated market. https://t.co/crOGh2jtnD
NEW: CME #Bitcoin futures hit a record high, with over π΅ $10.3B in notional open interest and 28,899 contracts open π https://t.co/f778m9jHmF
Global Open Interest crossed well above an eye-watering $60 billion in total size. More than 1/6th of all Open Interest is from the CME alone. Basis touched 30% annualized for 3mo futures on BTC. https://t.co/agYKFFCxDy
Notional open interest in @CMEGroup's $BTC futures has crossed the $10B mark for the first time. Reports @godbole17. https://t.co/kvZ9NxJuea
4 - 8 Mar 2024 #CMEWeekly π₯ 1/ CME $BTC futures Avg OI: 129,690.00 Chg% WoW: 1.86% βοΈ 2/ CME $ETH futures Avg OI: 345,150.00 Chg% WoW: 2.64% βοΈ With the BTC price rally, CME Bitcoin Futures OI hits a remarkable level $10bn, setting a new all-time high. @CMEGroup https://t.co/naP9gCI8Xg
$BTC CME futures open interest is reaching new all time highs again. https://t.co/J9y1iBywgW