This could be the year of Bitcoin futures as the interest for bitcoin futures is increasing with the passage of time. Recently, Bitmex futures open interest has surpassed $1 billion.
The data regarding Bitcoin futures open interest has been presented by Skew Markets on Twitter. According to the data from Skew Markets, the crypto exchange, and derivative trading platform, BitMEX has hit $1 billion open interest.
Source: Skew Markets
Along with BitMEX exchange, the bitcoin futures open interest of the OKEx crypto exchange has also passed $1B. Apart from this, another trading exchange Deribit claimed 70% month on month growth in USD options turnover.
Global bitcoin futures interest reaches $4B
With the increase in the open interest of the BitMEX and OKEx exchange, the global bitcoin futures interest has also increased. According to the data from Skew Markets, the global open interest across major futures offerings from exchanges has reached $4 billion.
Source: Skew Markets
Since the beginning of this year, the bitcoin futures open interest has surged 60% and therefore, the interest of institutional investors for Bitcoin futures is rapidly developing.
Volatility is assuredly coming
As BitMEX, OKEX exchanges have hit $1 billion open interest, so now the way for volatility is open.
A market analyst Scott Melker – also known as Wolf of All Streets – says on Twitter that Volatility is almost assuredly coming now as the BitMEX open interest has hit high. He also says that the next move of Bitcoin will be more significant and might come soon. As he says in his Tweet:
“With Bitmex Open Interest hitting a billion, volatility is almost assuredly coming. We aren’t staying at 9400 for long. The next move should be significant and come relatively soon.”
Currently trading at $9,355.50 USD, Bitcoin (BTC) is expected to hit $10,000 very soon.
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