Share this article
Trading Firm Sees Bullish Signs as Bitcoin Open Interest Surges to Highest Level Since FTX Crash
A rise in open interest shows more participation from crypto traders and a bullish market sentiment, a trading firm said.
Updated Apr 12, 2023, 2:55 p.m. Published Apr 12, 2023, 11:04 a.m.
Open interest in bitcoin across crypto derivatives exchanges has surged to $10 billion, a five-month high after leverage subsided in the wake of FTX's collapse in November, according to data from Coinalyze.
A rise in open interest, which is a metric that assesses the value of all unsettled derivatives positions, alongside an increase in price is often used to confirm the legitimacy of a move. At the time of writing, bitcoin was trading at around $30,000 after it surged to a 10-month high of $30,540 on Tuesday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Zahreddine Touag, head of trading at Woorton, a crypto trading firm and liquidity provider, said that bitcoin broke out in a "global risk-on environment," with the Nasdaq also rising by 10% in the last 30 days.
"We think this move is driven by technicals, BTC broke a major resistance at $28.5k and rebounded on its 2023 bullish trendline," Touag said.
"We noticed futures open interest has been moving up vertically which shows more participation from crypto traders and a bullish market sentiment," he added.
"For now, we do not see signs of extreme exuberance; indeed, the fear and greed index is at 61, funding rates are still negative on many exchanges for BTC while short-sellers did not capitulate yet. We will monitor these metrics to predict a potential trend reversal."
It's worth noting that an increase in open interest means that whilst short-sellers have added to their shorts in this region, traders betting on long trades are doing so with leverage that may unwind if price begins to reverse.
A total of $98 million in crypto derivatives positions have been liquidated in the past 24 hours as bitcoin momentarily slipped below $30,000, according to CoinGlass.
UPDATE (April 10, 2023, 20:03 UTC): Updates quote attribution.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin, Ether Steady as AI Fears Send Oracle Tumbling Down, Traders Next Wave of Rate Cuts
Traders appeared more focused on preserving trend structure than chasing upside, with flows concentrated in large-cap assets.
What to know:
- U.S. stocks declined as Oracle's significant drop raised concerns about AI spending outpacing returns.
- Bitcoin and Ether showed stability, with Bitcoin trading above $92,000 and Ether climbing toward $3,260.
- Oracle's increased capital expenditures on AI infrastructure led to its biggest stock drop since January, impacting tech sentiment.
Top Stories
