Key Points
- Bitcoin and Ethereum futures markets hit record open interest levels in the last 24 hours.
- The surge followed Bitcoin’s close approach to the $100,000 mark.
Both Bitcoin and Ethereum futures markets have seen a significant increase in open interest (OI) in the past 24 hours, setting new records. This occurred as Bitcoin was nearing the landmark price of $100,000.
Record Open Interest for Bitcoin and Ethereum
On November 22nd, Bitcoin’s OI peaked at $57 billion. Ethereum’s OI also increased by 12%, reaching a record $20.8 billion. Both cryptocurrencies witnessed their highest ever accumulated OI following the early month dips.
Open interest is a crucial metric in the cryptocurrency industry. It represents the number of outstanding futures contracts on exchanges. A higher level of interest suggests that a crypto asset is highly liquid and in high demand.
The significant increase in OI came shortly after Bitcoin almost hit the $100,000 mark, reaching a new all-time high of $99,486. Ethereum also experienced a 7% increase.
Breakdown of Open Interest
According to data from Coinglass, Bitcoin’s OI is currently at $64.08 billion, with the majority coming from CME. CME holds more than 33% of the total Bitcoin futures OI, equivalent to 216,820 BTC and valued at $21.23 billion.
Binance, the world’s largest cryptocurrency exchange by trading volume, holds the second largest share with 19.2% of the total BTC OI. This equates to an open interest of 124,740 BTC, worth approximately $12.22 billion.
Bybit is in third place, holding 13.39% of BTC OI, which is about 87,020 BTC or $8.53 billion. Bitget and OKX also feature in the top five, each holding 9.87% and 8.4% respectively.
For Ethereum, the total OI stands at $20.08 billion. Unlike Bitcoin, Binance holds the majority of Ethereum’s Open Interest, accounting for 31.19% of the total. This equals 1.9 million ETH, valued at $20.09 billion.
Bybit is second with 18.18% of ETH OI, holding 1.11 million ETH worth around $3.65 billion. CME is in third place with 663,180 ETH, valued at $2.19 billion, representing approximately 10.88% of the market’s total ETH OI.
Finally, OKX and HTX are also in the top five, each holding 9.38% and 7.82% respectively.
