Binance’s open interest up by 10% as Bitcoin trading fervor hits 3-month high

Major exchanges witness a competitive spike in Bitcoin open interest.

This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
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Quick Take

Bitcoin futures open interest has witnessed a considerable surge, marking a positive shift in the cryptocurrency market. Data from Coinglass reveals a 9% increase in the past 24 hours alone, showcasing a soaring interest in Bitcoin trading contracts. This equates to 488,000 Bitcoin in open interest contracts or a notional value of around $18 billion. The open interest expressed in Bitcoin has reached its peak since August.

Bitcoin Futures Open Interest: (Source: Coinglass)
Graph showing the open interest on Bitcoin futures from March to November 2023 (Source: Coinglass)

A closer look at the leading exchanges shows that Binance saw a 10% increase in open interest, closely followed by CME with a 5% rise, which hit a new all-time high of 120,000 Bitcoin.

ByBit and Deribit saw more modest increases, 4% and 1%, respectively, while OKX and Bitget reported surprisingly high leaps of 11% and 32%.

The gap between Binance and its nearest competitor, CME, now stands at approximately 6,000 Bitcoin, indicating a competitive landscape, yet one that remains dominated by a few key players.

ExchangeOpen Interest in Bitcoin24h Change
Binance120k BTC10%
CME111k BTC5%
ByBit78k BTC4%
OKX56k BTC11%
Bitget38k BTC32%
Deribit31k BTC1%

Table showing the 24-hour change in Bitcoin futures open interest on top exchanges on Nov. 9, 2023 (Source: Coinglass)