Skew, a cryptocurrency derivatives data provider based in the United Kingdom has provided new data on the aggregated open interest of Bitcoin (BTC) Futures. According to the Skew data, Bitcoin Futures’ aggregated open interest has recorded its all-time high value. This clearly indicates the increasing demand from institutional investors for the top digital asset.
BTC Futures Aggregated Open Interest surpasses $7 Billion
The new data shows that the value of aggregated open interest on Bitcoin Futures has crossed the all-time high figure of $7 billion. Reportedly, it is the first time ever that outstanding Bitcoin futures contracts’ aggregated value has reached this level.
As per the data, four major cryptocurrency exchanges were more prominent in the Bitcoin futures market. These include the world’s largest financial derivatives exchange Chicago Mercantile Exchange (CME), the world’s leading digital currency exchange in terms of trading volume Binance, Bitcoin futures trading platform Bybit, and the Malta-based cryptocurrency exchange OKEx. These four crypto exchanges count for over $1 billion worth of outstanding derivatives contracts.
Chicago Mercantile Exchange’s Bitcoin futures’ open interest spiked to an all-time high by hitting $1 billion at the beginning of this week.
This growth in open interest on Bitcoin futures shows that a large flow of institutional investors has shown interest in the leading digital currency. Moreover, perpetual futures’ funding rates have also been spiking since the 18th of August and have reached their high values.
Bitcoin Price faces a price crash
A few hours ago on November 22, Bitcoin has suffered a price crash due to which the price value of the leading digital asset had to lose the crucial support level. Bitcoin dipped down below the $18,000 mark after facing a price drop of more than 3 percent within the duration of just a few hours. However, it rebounded immediately after that.
After surging high to $18,800, the price value of the coin has moved down to trade around the $18,100 level and has slightly turned bearish at the moment. At the time of writing, the price of BTC is trading down by -2.44 percent.