Spot

James

In a remarkable surge, the total Bitcoin Futures Open Interest (OI) has reached new heights, setting the stage for a potential revolution in the cryptocurrency market. Meanwhile, Coinshares Head of Research, James Butterfill, recently shared a pivotal chart on the X platform, emphasizing that the Total Bitcoin futures contracts on the CME have hit an all-time high.
In addition, the latest data suggested that many of the other major exchanges have also witnessed a notable surge in BTC Futures OI over the last 24 hours.
<h2 id="bitcoin-open-interest-on-cme-hits-ath">Bitcoin Open Interest On CME Hits ATH</h2>
The cryptocurrency market is witnessing a remarkable upswing as the total Bitcoin futures Open Interest (OI), according to Coinglass <a rel="noopener noreferrer nofollow" href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank">data</a>, stands at an impressive 437.79K BTC or $20.43 billion. This surge, recorded on Tuesday, January 9, signifies a 10.31% increase over the last 24 hours, setting the stage for a monumental shift.
Meanwhile, as anticipation builds around the SEC’s potential approval of a <a href="https://coingape.com/education/bitcoin-spot-etf/" target="_blank" rel="noopener noreferrer nofollow">Spot Bitcoin ETF</a> this week, investors are eyeing the market dynamics closely. Quoting James Butterfill, the Head of Research at Coinshares, the increase in total Bitcoin futures OI is a clear indication of the market’s bullish sentiment.
Notably, the CME exchange alone witnessed a remarkable 15.45% rise in the last 24 hours, reaching $132.90K BTC or $6.19 billion. On the other hand, another major crypto exchange, <a href="https://coingape.com/blog/binance-exchange-review/" target="_blank" rel="noopener noreferrer nofollow">Binance</a> experienced a surge of 9.91% in Bitcoin Open Interest, with the OI standing at 97.34K or $4.55 billion.
Also Read: <a href="https://coingape.com/solana-sol-and-xrp-gearing-up-for-a-mega-rally-in-2024/" target="_blank" rel="noopener noreferrer nofollow">Solana (SOL) and XRP Gearing Up For A Mega Rally in 2024</a>
<h2 id="coinbase-sees-contrasting-trends">Coinbase Sees Contrasting Trends</h2>
In a surprising turn of events, Coinbase has reported a 37.40% slump in Bitcoin Open Interest (OI) over the last 24 hours. The exchange’s figures now stand at 46.23K BTC or $2.16 million. Meanwhile, this dip highlights a potential divergence in market strategies among major <a href="https://coingape.com/glossary/Crypto-exchange-2/" target="_blank" rel="noopener noreferrer nofollow">crypto exchanges</a>, raising questions about the varied approaches and expectations within the crypto community.
However, investors and analysts are closely monitoring these developments, recognizing the significance of Bitcoin OI as a key indicator for market sentiment. As the landscape evolves, the market awaits the SEC’s decision on Spot Bitcoin ETF approval, which could mark a transformative moment for the cryptocurrency ecosystem.
It’s worth noting that Bitcoin has recently <a href="https://coingape.com/bitcoin-price-reclaims-47000-as-social-sentiment-soars/" target="_blank" rel="noopener noreferrer nofollow">crossed the $47,000 mark</a>, indicating growing interests of the investors ahead of the potential Spot ETF approval. However, as of writing, the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> traded at $46,594.29, witnessing a jump of 5.89% over the last 24 hours.
Also Read: <a href="https://coingape.com/bitcoin-etf-btc-derivatives-traders-wager-20-bln-on-sec-green-light/" target="_blank" rel="noopener noreferrer nofollow">BTC Derivatives Traders Wager $20 Bln On SEC Green Light</a>
The post <a href="https://coingape.com/bitcoin-open-interest-hit-ath-on-cme-amid-spot-etf-anticipation/" rel="noopener noreferrer nofollow">Bitcoin Open Interest Hits ATH On CME Amid Spot ETF Anticipation</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Open Interest Hits ATH On CME Amid Spot ETF Anticipation

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