Bitcoin Futures Contracts Open Interest Reaches $15.83B

Interest in Bitcoin futures and options contracts has climbed to its highest levels since the start of 2022, according to data shared by Chinese journalist Colin Wu.

The current open interest in Bitcoin futures contracts reaches $15.83 billion, the highest level since early June 2022. Since October, open interest in Bitcoin futures contracts has increased by 33.5%. In addition, the current Bitcoin options holdings are also at a high level,…

— Wu Blockchain (@WuBlockchain) October 30, 2023

Wu reports that open interest in Bitcoin futures recently hit $15.83 billion, the most since early June 2022. Since October, open interest has risen 33.5% amid growing cryptocurrency market enthusiasm.

In addition, Bitcoin options holdings sit at around $15 billion currently. This reached a peak of $17.73 billion on October 2, 2023. The peak of interest in Bitcoin futures contracts was observed on June 17, 2019, with an all-time high open interest of 5,311 contracts, equivalent to 26,555 BTC.

This year, the nominal value of open interest in Bitcoin futures contracts reached its yearly high of $12 billion on March 20, 2023. The surging futures and options activity indicates traders expect major bitcoin price movements in the coming months. It points to increased institutional participation and bullish sentiment returning to the battered crypto market.

Bitcoin futures contracts allow traders to bet on bitcoin’s future price without holding the actual cryptocurrency. Options give holders the right but not the obligation to buy or sell bitcoin at a predetermined price on an upcoming date.

The data comes at a time when BTC has put on a bullish run in comparison to the past few months. According to the data, Bitcoin is hovering around $34,650, with a 28% surge in value over the last 30 days. BTC, along with other coins, has also surged in price following the anticipation of potential Bitcoin ETF approval.

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