Bitcoin options open interest has reached $ 9.6 billion according to derivatives market data as the metric is approaching the high held on January 7, 2021. Moreover, the aggregate open interest in bitcoin futures is almost close to the all-time highlights.
While cryptocurrency spot markets have consolidated, bitcoin-based derivatives markets have seen continued action. At the time of its announcement, bitcoin futures and open interest options have been significantly increasing.
For example, researchers at skew.com recently tweets that “the future of bitcoin is opening interest [is] always bounce back to a new climax. ”Skew too added that CME Group was now the largest open benefit “by far.” Data of exchanges dealing with bitcoin futures show that open interest continues to climb.
Okex holds the lead as long as the open future of bitcoin has open interest today, followed by the CME and Binance platforms. These three leading bitcoin derivatives markets are followed by Huobi, Bybit, FTX, Bitmex, Deribit, Bitfinex, Kraken, and Coinflex respectively.
In addition to bitcoin futures almost reaching all-time highs in terms of open interest, ethereum futures and options have seen increasing demand as well as spot markets of the crypto asset almost always price peaks also. Skew analytics shows that ETH’s total interest interest is around $ 1.7 billion with Deribit managing $ 1.5 billion. The open interest of ETH Deribit options is followed by Okex ($ 153M), Bitc.com ($ 41M), and Huobi ($ 9.7M).
Alongside the desire for the future of crypto, bitcoin options have increased significantly in the first month of 2021. The estimated net worth of all open bitcoin options positions is $ 9.6 billion with an expiration set for January 29, 2021.
The Deribit crypto exchange commands the lion’s share of BTC options with 84.37% ($ 8.1B) of open interest. Deribit is followed by derivatives platforms like Okex ($ 511M), Bit.com ($ 470M), CME ($ 398M), Ledgerx ($ 176M), and Huobi ($ 9.4M).
Total open interest on bitcoin options has steadily inflated over the past six months. 24-hour Bybit data long / short ratio shows that shorts are up 50.64% while shorts are 49.36%.
BTC nostalgia and shorts derived from Bitfinex according to Tradingview data show that nostalgia is increasing while BTC / USD shorts stayed low.
The growing demand for bitcoin-based derivatives, follows BTC’s all-time price of $ 42,000 recorded 12 days ago only. At the time of publication, BTC / USD spot market prices were down 11.8% since touching the $ 42k handle.
Meanwhile, with the 258,818 BTC in open interest options, 99,753 BTC or $ 3.7 billion is expected to expire in ten days.
What do you think of the recent rise in open interest for bitcoin derivatives as futures and options? Let us know what you think of this topic in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Skew.com, Twitter,
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