Fun

BTC Futures Open Interest Soars Leading up to Bitcoin ETF’s Official Launch

News Feed - 2021-10-20 02:10:10

BTC Futures Open Interest Soars Leading up to Bitcoin ETF"s Official Launch


Prior to the launch of the Proshares Bitcoin Strategy ETF (BITO), open interest in bitcoin futures products has been surging since the start of the month, according to data from the Coinbase Institutional arm Skew Analytics. Binance and FTX command the lion’s share of bitcoin futures’ open interest with 40.67% of the market. Moreover, data from bybt.com’s bitcoin futures’ open interest metrics, shows the Chicago Mercantile Exchange (CME) commands 15.54% of all the open interest in bitcoin futures tallied this week. Bitcoin Futures Open Interest Has Risen Significantly


On Tuesday, October 19, 2021, the first exchange-traded fund based on bitcoin futures was launched in the United States. So far, Proshares Bitcoin Strategy ETF (BITO) is trading above the ETF’s initial value when the opening bell kick-started trading. Proshares Bitcoin Strategy ETF (BITO) on its first day of trading at 12:00 p.m. (EST) on October 19, 2021.


Since the first bitcoin ETF is based on BTC derivatives markets, prior to the launch a large influx of bitcoin futures open interest was recorded by a number of analytical web portals.


On October 12, Coinbase Institutional’s Skew Analytics tweeted about the massive open interest stemming from bitcoin futures markets. “Bitcoin futures open interest have been surging since the start of the month,” the official Coinbase Institutional Skew Twitter account said. Chart shared by the official Coinbase Institutional Skew Twitter account.


Additionally, the account noted that BTC options markets were quite different. “Bitcoin options market seems cautiously positioned ahead of ETF catalysts with skew rallying back to positive territory,” Skew remarked the following day. Binance, FTX Command 40.67% of Bitcoin Open Interest – CME Group Captures Close to 16%


Data from bybt.com indicates that Binance rules the roost as far as bitcoin futures open interest dominance is concerned. Statistics indicate that Binance commands 23.5% of all the bitcoin open interest among all the BTC derivatives markets trading today. Total open interest (OI) on October 19, 2021, is 374.98 BTC or $23.57 billion. Data via bybt.com.


Binance has around $5.54 billion recorded, while FTX Exchange captures around $4.05 billion or 17.17%. Open interest (OI) metrics from CME Group have increased as CME now holds the third-largest position in terms of OI. CME has seen a 1.35% increase in OI and metrics show CME commands 15.54% of all the bitcoin futures’ open interest.


CME is followed by bitcoin futures markets such as Bybit, Okex, Deribit, Huobi, and Bitmex. Collectively all five of the mentioned crypto derivatives exchanges command 35.56% of all the bitcoin OI tallied.


What do you think about bitcoin futures’ open interest surging before the bitcoin ETF listed today? Let us know what you think about this subject in the comments section below. Concierge Service Catering to Crypto Whales Sees 500% Increase in Clients Over the Last 6 Months  NEWS | 2 hours ago Brazilian Asset Manager Kinea Makes Exploratory Investment in Ethereum NEWS | 14 hours ago Tags in this story Binance, Bitcoin, Bitcoin (BTC), Bitcoin derivatives, bitcoin etf, bitcoin futures, BitMex, BTC derivatives, BTC derivatives markets, Bybit, bybt.com, CME, CME Group, deribit, ETF catalysts, ftx, Futures, Huobi, Okex, Open Interest, options, Proshares Bitcoin ETF, Skew Data, trading


Image Credits: Shutterstock, Pixabay, Wiki Commons, Skew Analytics, bybt.com, Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Bitcoin Braces For Fed Shake-Up As Trump Eyes Powell Exit
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Despite WazirX, Q3 crypto hack and scam losses fell to $413m YOY
Christopher Roark11 hours agoDespite WazirX, Q3 crypto hack and scam losses fell to $413m YOYLosses from scams and hacks in Q3 declined by 40% compared to the previous year, but CEX hacks still pose a problem for the ind
Uniswap Labs’ Crypto: The Game set for Emmy Award consideration
Derek Andersen4 hours agoUniswap Labs’ Crypto: The Game set for Emmy Award considerationCrypto meets reality TV in a hit online game just scooped by Uniswap.1081 Total views2 Total sharesListen to article 0:00NewsOwn t
Matrix Star Keanu Reeves Owns Crypto, Skeptical of NFTs, Says ‘Can We Not Have Metaverse Be Invented by Facebook’
Matrix Star Keanu Reeves Owns Crypto, Skeptical of NFTs, Says "Can We Not Have Metaverse Be Invented by Facebook" Matrix star Keanu Reeves has revealed that he owns cryptocurrency
From Shiba Inu to Squidgrow
From Shiba Inu to Squidgrow sponsored When society looks at the crypto industry today, one cannot deny that Dogecoin (Doge)and Shiba Inu (SHIB)are just as widely known as Bitcoin (B
ECB Vice President States Crypto Should Be Regulated Like Other Assets
ECB Vice President States Crypto Should Be Regulated Like Other Assets European Central Bank (ECB) Vice President Luis De Guindos has stated he wants cryptocurrencies to be subject
Coinbase Eyeing US Stock Market Listing as Early as This Year
Coinbase Eyeing US Stock Market Listing as Early as This YearCoinbase Inc is planning a U.S. stock market listing for later this year or early 2021, Reuters reported on Thursday.
Bitcoin, Ethereum Technical Analysis: BTC Rebounds, Moves Away From 1-Month Low
Bitcoin, Ethereum Technical Analysis: BTC Rebounds, Moves Away From 1-Month Low Market uncertainty in crypto was once again higher on Thursday, as traders continue to anticipate ne
Biggest Movers: SOL Gives Up 20% Gains, as FTX Declares Bankruptcy
Biggest Movers: SOL Gives Up 20% Gains, as FTX Declares Bankruptcy Solana was up by as much as 20% on Friday, as the token rebounded following recent declines. The token which drop
Gareth Jenkinson14 hours agoBitcoin Depot Q2 revenue jumps 18% YOY, eyes growth after Nasdaq listingBitcoin Depot records $197.5 million in revenue in the second quarter of 2023, spurred on by partnerships with various U
Ripple Sues Youtube For Allowing Scams That Promised Returns Up to $1 Million
Ripple Sues Youtube For Allowing Scams That Promised Returns Up to $1 Million Ripple is suing Youtube, accusing the video platform of not doing enough to eliminate crypto-related &l
Report: Celsius Seeks Help From Restructuring Lawyers Over Financial Hardship
Report: Celsius Seeks Help From Restructuring Lawyers Over Financial Hardship Following the rumors and speculation surrounding the crypto lending firm Celsius, a Wall Street Journa