- Bitcoin futures Open Interest surged by $2.4 billion in 36 hours — the largest spike since last month.
- BTC spot volume nearly tripled, jumping from $2.9 billion to $8 billion, showing a wave of renewed investor interest.
- Over 104,000 traders liquidated, with total liquidation hitting $266 million in 24 hours.
The futures Open Interest (OI) for Bitcoin (BTC) has been on the rise in the last 24 hours, according to data from the leading on-chain analytics platform, Glassnode. The OI climbed from $36.2 billion yesterday to $38.6 billion at the time of writing.
This addition of $2.4 billion within 36 hours represents the biggest rise in the coin’s Open Interest since late last month. This sharp rise suggests increased activity in the BTC futures market and derivatives positions.
The OI metric is the number of active futures positions that are yet to be closed. If this metric is rising, there’s fresh fund inflow into the asset’s market, suggesting that it is likely that the asset will maintain its current price trend.
Meanwhile, analysts warn traders to be careful. They explained that when there’s a rise in O1, there can be massive price changes around major market events.
Open Interest rises. Source: Glassnode
Spot Bitcoin Market Volume Triples Amid Renewed Market Interest
In addition to the rising market momentum, Glassnode also noted a massive rise in BTC spot volume. Within the same period, the spot volume for Bitcoin rose from $2.9 billion to $8 billion, a near three times increase.
The sharp increase in Open Interest and the massive funds inflow into the Bitcoin spot market indicate renewed growing interest in the leading cryptocurrency. The combination of these factors also reveals an increasing conviction among market participants.
Usually, increases in spot volume mean that there are a lot of direct buy and sell activities for BTC, while the rise in Open Interest suggests that there are a lot of positions being opened. Analysts predict that the combination of these factors could be the start of a strong price rally for the popular digital asset.
Day traders will be monitoring the charts to see if this period of increased activity results in a stable price direction for the leading cryptocurrency.
Spot volume rises. Source: Glassnode
Bitcoin currently trades at $88,447, according to Coingecko data, having gained 1.3% in the last 24 hours. Meanwhile, liquidation data from Coinglass shows that 104,645 traders were liquidated within the last day, with a total liquidation of $266.08 million.
The data also noted that the largest single liquidation order was $2.65 million, and it happened with the ETH/USDT pair on Bybit.
