Open interest in bitcoin options has hit $ 9.6 billion, according to derivatives market data, as the metric nears its high captured on January 7, 2021. In addition, the open open interest for Bitcoin futures is steadily approaching its all-time high.
While the cryptocurrency spot markets have consolidated, continued action has been taken in Bitcoin-based derivatives markets. At the time of writing, the open interest for both Bitcoin futures and options has increased significantly.
For example researchers at skew.com recently tweeted that “Bitcoin futures have an open interest [is] quickly return to a new all-time high. “Weird too added This CME group was now “by far” the largest open participation. Data Exchanges dealing with Bitcoin futures show that open interest continues to rise.
Okex holds the reins until the Bitcoin futures open 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.
Alongside Bitcoin futures, which are approaching an all-time high in terms of open interest, Ethereum futures and options have emerged Increased demand as well as the spot markets of the crypto asset almost all-time highs also. Skew analysis shows that the total interest in ETH options is around $ 1.7 billion, with Deribit holding over $ 1.5 billion. The open positions in Deribit’s ETH options are followed by Okex (USD 153 million), Bitc.com (USD 41 million) and Huobi (USD 9.7 million).
In addition to the desire for crypto futures, bitcoin options have increased significantly in the first month of 2021. The estimated nominal value of all open Bitcoin option positions is $ 9.6 billion with an expiration date of January 29, 2021.
The Crypto Exchange Deribit has the lion’s share of BTC options with 84.37% ($ 8.1 billion) open interest. Deribit is followed by derivative platforms such as Okex (USD 511 million), Bit.com (USD 470 million), CME (USD 398 million), Ledgerx (USD 176 million) and Huobi (USD 9.4 million).
The total of open positions for Bitcoin options has increased increasingly over the past six months. Data from Bybits 24 hours long / short ratio shows that shorts are up 50.64% while longs are up 49.36%.
BTC longs and shorts, which are from Bitfinex according to Tradingview data, show that they are longs increasingly while BTC / USD shorts stayed low.
The increased demand for bitcoin-based derivatives follows the BTC high of $ 42,000 that was recorded just 12 days ago. At the time of writing, BTC / USD spot market prices have still fallen 11.8% since hitting the $ 42,000 handle.
With the open interest of 258,818 BTC in options, 99,753 BTC or USD 3.7 billion will expire in ten days.
What do you think of the recent surge in open interest in Bitcoin derivatives such as futures and options? Let us know what you think on this matter in the comments section below.
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