🧵 1. Bitcoin futures see a surge with $38 billion open interest, indicating increased trading activity around the largest cryptocurrency by market capitalization. #crypto
🧵 1. Bitcoin futures see a surge with $38 billion open interest, indicating increased trading activity around the largest cryptocurrency by market capitalization. #crypto
🧵 2. Daily open interest in bitcoin futures has doubled since Jan 1, reaching $38 billion. This rise aligns with bitcoin's price increase to $70,000 in 2024.
This is the only worrisome part of this bull market, people are a tad ahead of the run, imho. As Grayscale said yesterday, we kinda are in the 5th inning of the run already.
🧵 3. Open interest for bitcoin futures reflects heightened market activity and trader sentiment. March saw over $2.3 trillion in bitcoin futures volume, the highest since May 2021.
🧵 4. Ether futures also show growth with $13.8 billion open interest, up nearly 90% in 2024. Recent introduction of bitcoin spot ETFs by firms like BlackRock has influenced market sentiment.