Bitcoin open interest nears YTD high as Binance, BitMEX see … – CryptoSlate
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The global crypto market cap is $1.18 trillion with a 24-hour volume of $35.33 billion. The price of Bitcoin is $29,595.75 and BTC market dominance is 48.8%. The price of Ethereum is $1,854.83 and ETH market dominance is 18.9%. The best performing cryptoasset sector is Cannabis, which gained 9%.
Major exchanges witness Bitcoin open interest surge as OI close to year record high
Bitcoin open interest (OI) is on the cusp of reaching new Year-To-Date (YTD) highs, rallying on four key exchanges.
The current OI allocation stands at 464,000 BTC, nearing the YTD peak of 474,000 Bitcoin recorded in January. Binance, with an OI nearing the level seen during the FTX collapse, has 161,000 BTC allocated and a $600 million increase in the past 24 hours.
BitMEX is witnessing its highest Bitcoin OI yet, at 28,500 BTC. OKX and CME both displayed significant growth, with OKX’s OI spiking from 53,000 to roughly 60,000 BTC and CME’s OI growing by 10,000 BTC, from 73,000 to 83,000 BTC.
Accompanying this upward trend is a marked increase in both cash and crypto margin futures open interest.
Cash refers to the total amount of futures contracts OI that is margined in USD or USD-pegged stablecoins, while crypto margin represents futures contracts OI that is margined in the native coin (e.g., Bitcoin) rather than in USD or a stablecoin.
Currently, the percentage of crypto margin futures open interest stands at an impressive 27%, a level not seen since June when Bitcoin was valued at 25,000.
Bitcoin open interest is now greater than 2.25% of the market cap, which is also approaching YTD highs.
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
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