Bitcoin

Change

<h2 id="quick-take">Quick Take</h2> 
<p>Bitcoin futures open interest has witnessed a considerable surge, marking a positive shift in the cryptocurrency market. Data from Coinglass reveals a 9% increase in the past 24 hours alone, showcasing a soaring interest in Bitcoin trading contracts. This equates to 488,000 Bitcoin in open interest contracts or a notional value of around $18 billion. The open interest expressed in Bitcoin has reached its peak since August.</p> 
<figure id="attachment_372444" aria-describedby="caption-attachment-372444" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-372444 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/11/oo.png" alt="Bitcoin Futures Open Interest: (Source: Coinglass)" width="1262" height="441" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/oo.png 1262w, https://cryptoslate.com/wp-content/uploads/2023/11/oo-300x105.png 300w, https://cryptoslate.com/wp-content/uploads/2023/11/oo-1024x358.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/11/oo-768x268.png 768w" sizes="(max-width: 1262px) 100vw, 1262px">
 <figcaption id="caption-attachment-372444" class="wp-caption-text">
  Graph showing the open interest on Bitcoin futures from March to November 2023 (Source: Coinglass)
 </figcaption>
</figure> 
<p>A closer look at the leading exchanges shows that Binance saw a 10% increase in open interest, closely followed by <a href="https://cryptoslate.com/insights/record-breaking-open-interest-on-cme-shows-growing-market-activity/">CME</a> with a 5% rise, which hit a new all-time high of 120,000 Bitcoin.</p> 
<p>ByBit and Deribit saw more modest increases, 4% and 1%, respectively, while OKX and Bitget reported surprisingly high leaps of 11% and 32%.</p> 
<p>The gap between Binance and its nearest competitor, CME, now stands at approximately 6,000 Bitcoin, indicating a competitive landscape, yet one that remains dominated by a few key players.</p> 
<table> 
 <thead> 
  <tr> 
   <th>Exchange</th> 
   <th>Open Interest in Bitcoin</th> 
   <th>24h Change</th> 
  </tr> 
 </thead> 
 <tbody> 
  <tr> 
   <td>Binance</td> 
   <td>120k BTC</td> 
   <td>10%</td> 
  </tr> 
  <tr> 
   <td>CME</td> 
   <td>111k BTC</td> 
   <td>5%</td> 
  </tr> 
  <tr> 
   <td>ByBit</td> 
   <td>78k BTC</td> 
   <td>4%</td> 
  </tr> 
  <tr> 
   <td>OKX</td> 
   <td>56k BTC</td> 
   <td>11%</td> 
  </tr> 
  <tr> 
   <td>Bitget</td> 
   <td>38k BTC</td> 
   <td>32%</td> 
  </tr> 
  <tr> 
   <td>Deribit</td> 
   <td>31k BTC</td> 
   <td>1%</td> 
  </tr> 
 </tbody> 
</table> 
<p style="text-align: center; font-size: small;">Table showing the 24-hour change in Bitcoin futures open interest on top exchanges on Nov. 9, 2023 (Source: Coinglass)</p> 
<p>&nbsp;</p> 
<p>The post <a href="https://cryptoslate.com/insights/bitcoin-open-interest-hits-peak-not-seen-since-august-as-trading-fervor-spikes/">Binance’s open interest up by 10% as Bitcoin trading fervor hits 3-month high</a> appeared first on <a href="https://cryptoslate.com">CryptoSlate</a>.</p>

Binance’s open interest up by 10% as Bitcoin trading fervor hits 3-month high

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