Bitcoin open interest hits record high as BTC slips below $111K
Leveraged speculation in the Bitcoin futures market is at peak levels as traders hope for new highs.
Bitcoin futures open interest (OI) has hit record levels on crypto derivatives exchanges as traders anticipate the cryptocurrency will continue and reach new all-time highs.
Bitcoin (BTC) futures open interest reached a peak of just over $80 billion on May 23, according to CoinGlass. It’s an increase of 30% since the start of May as derivatives speculators load up on leverage in anticipation of higher Bitcoin prices.
Open interest is the total number of outstanding futures contracts that allow traders to bet on the future price of Bitcoin, which have not been settled or closed, showing the total amount of current market speculation.