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

Bitfinex launches volatility futures on Bitcoin and Ether
Helen Partz1 hour agoBitfinex launches volatility futures on Bitcoin and EtherBitfinex Derivatives is allowing investors to trade on the implied volatility of Bitcoin and Ether as another asset class.276 Total views1 Tot
SEC Chair Gary Gensler Says Crypto Will ‘Not End Well’ if It Stays Outside Regulations
SEC Chair Gary Gensler Says Crypto Will "Not End Well" if It Stays Outside Regulations The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, says that cr
Web3 Crypto Onboarding Platform Transak Integrates With Coinbase Wallet
Web3 Crypto Onboarding Platform Transak Integrates With Coinbase Wallet According to Transak, users of the Coinbase self-custody wallet in South East Asia can now use its Web3 onbo
Arbitrum DAO removes proposal to fund Tornado Cash devs’ legal bills
Ana Paula Pereira2 hours agoArbitrum DAO removes proposal to fund Tornado Cash devs’ legal billsAn Arbitrum spokesperson confirmed that the proposal to fund Tornado Cash developers’ legal defense had been deleted at
Tether helps US DOJ and FBI recover $1.4M in stolen funds
Tristan Greene8 hours agoTether helps US DOJ and FBI recover $1.4M in stolen fundsThe U.S. Attorney’s Office says this is one of the first times the U.S. has recovered USDT from an unhosted digital currency wallet.2322
Tom Mitchelhill8 hours agoEthereum futures ETFs garner lukewarm reception on first day of tradingDay one trading volume across all nine products stood at less than $2 million.2798 Total views15 Total sharesListen to arti
Martin Young2 hours agoSam Altman’s OpenAI ouster sees rollercoaster Worldcoin priceSam Altman’s eye-scanning world ID project saw its token price go on a wild ride over the weekend after he was fired by OpenAI.1348
Missing words in a seed phrase: How many are recoverable?
Helen Partz9 hours agoMissing words in a seed phrase: How many are recoverable?Remembering and deliberately missing a few words from a seed phrase backup is not a good idea, as one can hack up to four words.2800 Total vi
Solana’s Jupiter DEX kickstarts native DAO with $137M in initial capital
Zhiyuan Sun7 hours agoSolana’s Jupiter DEX kickstarts native DAO with $137M in initial capitalThe funds will be used to support ecosystem initiatives and reward long-term contributors.4140 Total views9 Total sharesList
Rakesh Upadhyay7 hours agoPrice analysis 9/29: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON, DOT, MATICCrypto bulls are attempting a comeback. Here are the altcoins that traders are keeping an eye on.1509 Total views8 Total s
Hong Kong begins phase 2 of CBDC pilot
Ezra Reguerra12 hours agoHong Kong begins phase 2 of CBDC pilotHong Kong’s central bank will accept proposals on potential use cases of a digital Hong Kong dollar from industry participants until May 17.1113 Total view
Bitcoin mining revenue peaked at $107M on BTC halving day
Arijit Sarkar59 minutes agoBitcoin mining revenue peaked at $107M on BTC halving dayMore than 3,000 investors wanting to be a part of Bitcoin’s history spent 37.7 BTC (worth $2.4 million) in fees alone to nab their sha