The total open interest in bitcoin futures on centralized exchanges has risen to levels not seen since early November 2021, according to data from CoinGlass.
On February 20, the combined figure reached $22.69 billion. The regulated exchange CME leads with $6.77 billion. Binance accounts for $5.89 billion, and Bybit for $4.04 billion.
Amid the cryptocurrency’s rise since the beginning of the year, open interest (OI) in bitcoin futures has increased by more than 30%.
The corresponding figure for Ethereum-based contracts is approaching $10 billion.
Since the start of the year, the total OI has grown by 50%. During the same period, Ethereum has appreciated by approximately 25%.
According to analysts from The Block, open interest serves as an indicator of market activity and trader sentiment regarding a specific asset.
Back in autumn, CME overtook Binance to become the largest platform by OI.