Long

bullish

Bitcoin

when

Bitcoin futures open interest has reached an all-time high. Open interest refers to the total number of outstanding derivative contracts that haven’t been settled.&nbsp; 
It is an important indicator of market sentiment. When it surges, it hints at big moves in the market. So, what does this mean for BTC’s price? 
<h3 id="b-major-players-and-their-stakes-b">Major players and their stakes</h3> 
Right now, Bitcoin futures open interest <a href="https://www.coinglass.com/BitcoinOpenInterest" rel="nofollow noopener" target="_blank">stands</a> at an impressive 559.50K BTC, worth about $37.54 billion. The big players in this game are the exchanges. 
CME and Binance are leading the charge. CME has an open interest of 161.12K BTC, valued at $10.79 billion. Binance follows closely with 122.41K BTC, worth $8.21 billion. 
<img loading="lazy" decoding="async" class="alignnone wp-image-561838 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.51.35.jpg" alt="Bitcoin futures open interest hit all-time high - What it means for the price" width="1920" height="1002" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.51.35.jpg 1920w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.51.35-300x157.jpg 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.51.35-1200x626.jpg 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.51.35-768x401.jpg 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.51.35-1536x802.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px"> 
Bybit and Bitget are also in the mix, showing good numbers. Bybit has 87.86K BTC ($5.89 billion), and Bitget has 61.98K BTC ($4.15 billion). 
Notably, CME and Binance are dominating the scene. CME’s share of the market is about 28.73%, while Binance holds 21.87%. Bybit comes in with 15.68%, and Bitget with 11.05%. 
<h3 id="b-traders-get-bullish-on-bitcoin-b">Traders get bullish on Bitcoin</h3> 
The surge in open interest typically means that traders are speculating heavily on BTC, expecting big price movements.&nbsp; 
<a href="https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#1y" rel="nofollow noopener" target="_blank">Data</a> shows that Bitcoin’s average transaction cost is now $0.734. This is the lowest fee since August 2023, when it briefly touched $0.64.&nbsp; 
Lower fees usually mean less congestion on the network, making it easier and cheaper to send Bitcoin. 
<img loading="lazy" decoding="async" class="alignnone wp-image-561839 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.38.30.png" alt="Bitcoin futures open interest hit all-time high - What it means for the price" width="1920" height="710" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.38.30.png 1920w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.38.30-300x111.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.38.30-1200x444.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.38.30-768x284.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.38.30-1536x568.png 1536w" sizes="(max-width: 1920px) 100vw, 1920px"> 
The recent rise in BTC’s price to $68,000, with a brief peak at $70,000 on Coinbase, adds to the excitement. Transaction fees tend to soar when the network is busy.&nbsp; 
Back in April, the cost to send Bitcoin hit a record high of $128 per transaction, thanks to the increased activity following the launch of Runes, a new token standard on the blockchain. 
But Bitcoin hasn’t had it easy. After hitting nearly $74,000 in March, it struggled to stay above $70,000.&nbsp;Miners also play an important role in this. They can charge higher fees when the network is busy, making it more expensive to send Bitcoin quickly. 
<img loading="lazy" decoding="async" class="alignnone wp-image-561840 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.50.54.png" alt="Bitcoin futures open interest hit all-time high - What it means for the price" width="1920" height="635" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.50.54.png 1920w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.50.54-300x99.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.50.54-1200x397.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.50.54-768x254.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.50.54-1536x508.png 1536w" sizes="(max-width: 1920px) 100vw, 1920px">&nbsp; 
However, the current low transaction fees tells us the network isn’t overly congested. Traders are betting on both long and short positions. Long positions expect the price to go up, while short positions bet on a decline.&nbsp; 
The balance between these positions can indicate market expectations. Right now, the high open interest suggests strong engagement and anticipation of future price movements.

Bitcoin futures open interest hit all-time high – What it means for the price

Inhaltsverzeichnis

Cryptopolitan_News

Weitere Artikel, die am 29. Juli 2024 veröffentlicht wurden

As Shiba Inu Continues To Dip Investors Switch Over To Mpeppe (MPEPE) For Impressive Gains

Binance's First Airdrop Portal Project: What is Banana Gun?

The top 3 crypto influencers of 2024: Do you know them?

Top Crypto Gainers Today Jul 29 – Bitcoin SV, Echelon Prime, Arweave, DeXe

Rho Markets Hit by $7.5M Hack, Attackers Demand Admission of Oracle Error for Fund Return

Investors Sell Bitcoin as Price Drops Below $68,000

Abonniere unseren kostenlosen Newsletter und erhalte tägliche Krypto-Updates!