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Open Positions in Bitcoin Futures Rise to 1-Month High
Open interest rose to $13.1 billion after being in the $10.5 billion to $13 billion range.
By Frances Yue
Updated Sep 14, 2021, 1:11 p.m. Published Jun 15, 2021, 6:53 p.m.
Outstanding bitcoin futures contracts have climbed to a one-month high, suggesting a rebound of speculative activity surrounding the cryptocurrency after a string of positive headlines that appear to have stabilized the market.
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The aggregated dollar value of open interest – bitcoin futures contracts traded but not settled – has climbed to $13.1 billion, the highest since May 19, data from Skew shows. For the past month, open interest mostly stood in the range of $10.5 billion to $13 billion.
Source: Skew
Open interest is usually seen as a measure of market activity. Higher open interest means more open contracts, or additional money flowing into the market.
“The crypto market is coming back to life,” the Norwegian analysis firm Arcane Research wrote Tuesday in a report.
However, the value of open interest is still less than half of the $27.4 billion peak reached in mid-April, when the bitcoin price reached a record high near $65,000.
The largest cryptocurrency by market value was trading around $40,600 as of press time.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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