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Bitcoin and Ethereum Futures Markets Hit New All-Time Highs
Bitcoin and Ethereum have reached new all-time highs in open interest (OI) in futures markets, with Bitcoin’s OI peaking at $57 billion and Ethereum’s OI reaching $20.8 billion within the past 24 hours.
This surge in OI comes after Bitcoin’s recent flirtation with the $100,000 mark, reaching a new all-time high of $99,486. Ethereum also saw a significant rise, increasing by 7%.
Understanding Open Interest
Open interest is a key metric in the cryptocurrency industry that measures the amount of outstanding futures contracts employed in exchanges. A higher open interest level indicates that a cryptocurrency is more liquid and in significant demand.
Breakdown of Open Interest
According to recent data, Bitcoin’s OI is currently at $64.08 billion, with the majority coming from the Chicago Mercantile Exchange (CME). CME holds over 33% of the total Bitcoin futures OI, with 216,820 BTC valued at $21.23 billion.
Binance, the largest cryptocurrency exchange by trading volume, holds 19.2% of the total BTC OI, with an open interest of over 124,740 BTC worth around $12.22 billion. Bybit occupies third place, with 13.39% of BTC OI, reaching 87,020 BTC or $8.53 billion.
On the Ethereum side, Binance accounts for the majority of ETH Open Interest, holding 31.19% of the total with 1.9 million ETH valued at $20.09 billion. Bybit comes in second, with 18.18% of ETH OI, holding 1.11 million ETH worth around $3.65 billion.
Key Takeaways
- Bitcoin’s OI has reached a new all-time high of $57 billion.
- Ethereum’s OI has reached a new all-time high of $20.8 billion.
- CME holds over 33% of the total Bitcoin futures OI.
- Binance holds the majority of ETH Open Interest, with 31.19% of the total.
As the cryptocurrency market continues to evolve, it’s essential to stay informed about the latest trends and developments. Stay up-to-date with the latest news and insights on Global Crypto News.
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