Bitcoin's recent recovery to the $66,000 level brought not just excitement but significant changes to the derivatives market, particularly affecting futures and options. As investors rush in, futures open interest soared by 9.6%, reaching $31.18 billion, while options surged even higher at a 12.4% increase. With call options dominating, the derivatives data hints at an overwhelmingly bullish sentiment. But what does this shift in market dynamics suggest about Bitcoin's future price trajectory? Discover why this bullish buzz could be just the beginning.
Derivatives saw spike in Open Interest and volume as Bitcoin broke $66k Derivatives saw spike in Open Interest and volume as Bitcoin broke $66k
Surge in Bitcoin's derivatives market open interest correlates with its price rebound, underscoring heightened investor anticipation.
3 min read
Updated: May. 16, 2024 at 4:23 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Deribit
Deribit is an institutional grade cryptocurrency derivatives platform that is a leader in the crypto options market.
