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Bitcoin futures open interest reaches ATH

Bitcoin futures open interest (OI) reached an all-time high of $39.37 billion on July 29. The significant jump from the previous day’s OI of $37.49 billion follows Bitcoin’s spike to over $69,700 following the Bitcoin2024 conference in Nashville.

bitcoin futures open interest
Graph showing Bitcoin futures open interest from Feb. 28, 2020, to July 29. 2024 (Source: CoinGlass)

CME, having the highest OI at 161,100 BTC, shows significant institutional participation in the derivatives market. Binance, with the second-highest OI of 127,520 BTC, reflects an equally impressive retail interest in futures.

bitcoin futures open interest exchanges
Table showing Bitcoin futures open interest across exchanges on July 29, 2024 (Source: CoinGlass)

The rapid increase in OI, especially on platforms like Bybit and Bitget, shows a high level of speculative trading. Traders seem to be leveraging futures to capitalize on the price surge. Major crypto conferences often catalyze market enthusiasm; last week’s Bitcoin2024 was no exception. The bullish sentiment comes after President Donald Trump’s keynote speech and the subsequent announcement of a Bitcoin reserve plan for the US.

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