Bitcoin Futures Open Interest Crosses Record $27 Billion Ahead Of Coinbase Listing
Open interest on Bitcoin futures across the largest crypto derivatives exchanges hit a record high of $27.5 billion, according to data from Glassnode.
What Happened: Binance accounted for the majority of this share, with over $5.23 billion in open interest, followed by ByBt with $4.6 billion.
— glassnode (@glassnode) April 13, 2021
However, the largest 24-hour increase in open interest among leading crypto exchanges was recorded by CME, which saw a 7.04% increase overnight.
CME is one of the largest derivatives exchanges in the world and is typically used by large financial institutions trading desks. The exchange reported $3.11 billion worth of open interest at the time of writing.
Why It Matters: The increase in open interest comes ahead of the much anticipated Nasdaq direct listing of the largest U.S-based crypto exchange Coinbase.
The bullish sentiment from the rising open interest was reflected in Bitcoin’s price as the market-leading cryptocurrency surged past $64,000 to set an all-time high of $64,758 earlier today.
This market-wide optimism wasn’t exclusive to Bitcoin (CRYPTO: BTC) alone, as several altcoins posted gains in excess of 20% over the past 24-hours. Ethereum, the second-largest cryptocurrency by market cap, set a new all-time high at $2,397 earlier today.
In fact, open interest on Ethereum (CRYPTO: ETH) shot to a new high as well, reaching a record $8 billion in light of its recent price surge.
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