Bitcoin futures open interest hits high for year amid crypto comeback

Quick Take

  • Aggregate open interest (OI) across cryptocurrency futures exchanges topped $11.5 billion on June 25 — an all-time high for the year. 

Open interest across bitcoin futures exchanges has hit an all-time high for the year, underpinned by a comeback across the cryptocurrency market.

Aggregate open interest (OI) across Binance, Bybit, OKx and a number of other exchanges topped $11.5 billion on June 25, according to The Block's data dashboard.

While cryptocurrencies were trading slightly lower Monday along with most risk assets, the price of Bitcoin has picked up 16.8% over the last 14 days according to CoinGecko

The bullish price action has been underpinned by two "notable names" moving into crypto, as noted by institutional exchange LMAX Digital. 

"BlackRock and Citadel are two of the biggest names mentioned in last week’s headlines around moves in the space," LMAX Digital said in a newsletter, referring to BlackRock's filing for a bitcoin spot ETF and the launch of Citadel-backed EDX Markets. 

The former development has kicked off a flurry of new filings. 

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"And in the aftermath of a scare from the SEC a few weeks back, all is looking exceptionally well, as the interest from these larger players projects a confidence in the outlook."

The crypto options market has also seen a surge in activity, with open interest across Bitcoin-tied options topping $11 billion on June 25 — an increase from just over $7.2 billion on May 27.

As per crypto trading firm Genesis, there is a large concentration of calls in the $30,000 to $35,000 range, indicating "positive sentiment among traders with significant activity in bullish near-term structures."


© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].

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