Bitcoin Futures Market Attracts Unprecedented Open Interest as Derivatives Appetite Grows 

Bitcoin’s futures market has seen a surge in open interest, reaching unprecedented levels. Recent data reveals that there is a total of $32.30 billion open interest across fourteen different bitcoin futures markets. The spike in open interest can be attributed to the recent rally in the cryptocurrency market, particularly in bitcoin. On March 8, 2024, bitcoin hit a new peak price of $70,184 per coin, contributing to the growing interest in crypto derivatives. CME Group leads the pack with $10.07 billion in volume, followed by Binance with $7.21 billion. Ethereum (ETH) and Solana (SOL) futures markets have also experienced substantial open interest. Overall, the cryptocurrency market has witnessed both long and short position liquidations, with BTC short positions being eliminated in the past 24 hours alone. The crypto derivatives frenzy continues to captivate the market, and opinions on this subject vary. Feel free to share your thoughts in the comments section below.