Bitcoin’s recent breakout above $60,000 has reignited excitement among traders, recovering from August's earlier slump. This surge prompted a remarkable spike in open interest: Bitcoin futures skyrocketed from $30.21 billion to $32.08 billion within 24 hours, reflecting new capital inflows. Notably, both traditional and perpetual futures markets have seen parallel rises, signaling a fresh wave of bullish sentiment. But what's driving this behavior, and... what could it mean for Bitcoin's immediate future? Discover the full dynamics at play. Unlock Alpha for deeper insights.
Bitcoin’s climb above $60k causes futures open interest to surge $2B in a day Bitcoin’s climb above $60k causes futures open interest to surge $2B in a day
Institutional interest surges as traders bet on Bitcoin's price rebound.
3 min read
Updated: Aug. 22, 2024 at 11:26 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
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Bybit
Bybit is a cryptocurrency derivative trading platform established in March 2018 and registered in the BVI.
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.
