“This open interest trend is different from the usual CME futures trend.. It shows that BTC was in the lead at the beginning of 2023,” Arcane Research analysts Bendik Schei and Vetle Lunde write in the report.
Compared to other cryptocurrencies, Ethereum also showed a weak start in 2023, the authors of the report sum up.
The report notes that open interest in smaller altcoins also rose in January.
At the beginning of the year, Arcane Research analysts announced that the dominance of the Binance exchange led to the fact that the trading platform subjugated almost the entire global cryptocurrency market,