Bitcoin ETF

Bitcoin

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<p class="has-drop-cap">The total bitcoin open interest surged to $20.43 billion on Tuesday, <a aria-label="Coinglass data shows (opens in a new tab)" href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">Coinglass data shows</a>. The upswing comes as investors await a decision from the US SEC on the first stack of spot Bitcoin exchange-traded fund (ETF) applications.&nbsp;</p>
<h3 id="bitcoin-open-interest-on-cme-hits-all-time-high">Bitcoin Open Interest on CME Hits All-Time High</h3>
<p>The crypto community is poised to learn whether the US SEC will approve the first batch of spot Bitcoin ETF applications this week.</p>
<p>As the hype and anxiety grow, Bitcoin’s open interest jumped to $20.43 billion, according to Coinglass data. The CME exchange contributed $6.19 billion, marking a new all-time high.&nbsp;</p>
<p>$4.56 billion came from Binance, the world’s largest cryptocurrency exchange, while BTC’s open interest on Bybit stood at $3.55 billion at the time of writing. Other exchanges where open interest is higher than $1 billion include OKX, Bitget, and Deribit.&nbsp;</p>
<p>Over the past 24 hours, the most substantial increase was seen on CME, where open interest rose more than 15%. Compared to a month ago, the Bitcoin open interest increased by around 19% on CME, Coinglass data shows.&nbsp;</p>
<p>Bitcoin open interest refers to the total number of outstanding derivative contracts, such as futures and options, that have not been settled or closed. It serves as a key metric in assessing market sentiment and potential price movements, reflecting the total exposure and interest in Bitcoin derivatives within a given period.</p>
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<h3 id="when-is-a-decision-on-spot-bitcoin-etfs-expected">When is a decision on Spot Bitcoin ETFs Expected?</h3>
<p>The excitement around a potential spot Bitcoin ETF approval is among the primary catalysts behind the <a href="https://tokenist.com/bitcoin-crosses-45000-to-kick-off-its-4th-halving-year/" rel="noopener noreferrer nofollow" class="deco-link">significant price rebound in the world’s largest cryptocurrency</a>. Sitting just below the $46,000 mark, BTC saw a whopping 171% price surge over the past year.</p>
<p>It all began in June 2023, when BlackRock, the largest global asset manager, <a href="https://tokenist.com/how-blackrocks-etf-application-has-already-changed-the-crypto-market/" rel="noopener noreferrer nofollow" class="deco-link">filed for a spot Bitcoin ETF</a>. In the following months, several Wall Street firms followed suit.&nbsp;</p>
<p>If the SEC approves the applications this week, it would be the first time the securities regulator allowed the launch of a spot Bitcoin ETF in the US. The move would expose investors to BTC without directly holding it, <a href="https://tokenist.com/bitcoin-spot-etfs-could-see-40-4b-in-inflows-over-first-two-years-report/" rel="noopener noreferrer nofollow" class="deco-link">potentially drawing billions more dollars</a> into the flagship cryptocurrency.&nbsp;</p>
<p>Multiple issuers <a aria-label="said (opens in a new tab)" href="https://www.reuters.com/markets/us/us-spot-bitcoin-etfs-could-win-approval-next-week-after-last-minute-application-2024-01-06/" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">said</a> last week they expect to receive the final approval of S-1 filings by late Tuesday or Wednesday. Meanwhile, regulators have also been working with exchanges to finalize their 19b-4 filings, which cover the rule changes the SEC must approve for spot BTC ETFs to launch. Exchanges submitted revisions to 11 of those filings on Friday.&nbsp;</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em><strong>If the SEC approves spot Bitcoin ETF this week, do you expect an immediate upswing in cryptocurrency’s price? Let us know in the comments below.&nbsp;</strong></em></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/bitcoin-open-interest-hits-20b-as-investors-await-etf-news/">Bitcoin Open Interest Hits $20B+ as Investors Await ETF News</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Bitcoin Open Interest Hits $20B+ as Investors Await ETF News

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