cryptoshitcompra.com/wp-content/uploads/2021/10/El-interes-en-el-comercio-de-futuros-de-Bitcoin-aumenta.png much/> Source: Adobe / fotofabrika
Derivatives traders are more active again, with open interest in bitcoin (BTC) futures that has risen significantly in recent days as BTC is testing the $ 57,000 level for the first time since May.
At 13:37 UTC, bitcoin was trading at $ 57.053 and was up 3% in one day, 18% in a week, and 27% in a month. surge made bitcoin the current best performer among the top 10 crypto assets by market capitalization.
Furthermore, the number one cryptocurrency has also surpassed most altcoins in the top 100 by market capitalization today, with the exception of the recent hot coin shiba inu meme (SHIB) and a few other smaller cap tokens. .
BTC price table:
png «/> Source: coingecko.com
Today’s latest earnings come from interest in bitcoin trading that was also generated among futures traders. According to data from the cryptocurrency market analysis company Nudo de Vidrio, the open interest of BTC futures, a measure of the value of futures contracts that are open at any given time, has increased 45% since its September minimum to 17.6 billion dollars to date.
But while the figure is currently high, Glassnode also noted that it is still well below interest since bitcoin last traded at 56,000 in May. At the time, open interest stood at $ 22.5 billion, nearly $ 5 billion more than today.
Read also First day of Bitcoin in El Salvador, the ups and downsSource: Glassnode
Likewise, data from cryptocurrency exchange Binance, the largest bitcoin futures market for open interest, also showed open interest in its BTC / USDT perpetual futures market at its highest level in a month when looking at the notional value of USDT. .
BTC / USDT perpetual open interest. Source: Binance
Also noteworthy from Binance that the long / short ratio of BTC / USDT perpetual futures increased over the weekend, currently at 1.22. figure means that there are more long traders, which means they are betting on higher prices, than those who are short, so they are betting on lower prices.
As before the weekend, the futures traders on Binance were slightly more bullish on the number one cryptocurrency than on the rival exchange. OKEx, which had a more bearish long / short ratio of 0.84 to date.
Meanwhile, data from on-chain analytics provider Chainalysis today showed that bitcoin inflows to exchanges hit their lowest level since Sept. 25, in US dollar terms. At $ 1.22 billion on Sunday, the value of bitcoin flowing to exchanges dropped significantly from Thursday of last week, when more than $ 3.55 billion worth of bitcoins were sent to exchanges.
Low inflows of bitcoins to exchanges are generally considered a bullish signal, as traders believe this means that more bitcoin users are keeping their coins in cold storage rather than trying to sell them.
Also read $ 100,000 worth of Ethereum NFT destroyed by OpenSea Bug: ETH Dev Bitcoin entries to USD exchanges. Source: Chainalysis
Commenting on the latest price movements, Philip Gradwell, chief economist at Chainalysis, wrote in his market report leading up to the weekend that the price increase is the result of a “tight supply” in the bitcoin market.
Institutional investors and merchants have taken advantage of the low prices of the past three months to stock up on bitcoins, Chainalysis wrote, adding that demand stemming from “a clearer view of regulation and growing concerns about fiat inflation” it is also contributing to the demand side. .
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Learn more: – Bitcoin breaks $ 55K resistance, returns to $ 1 trillion market capitalization – Bitcoin decouples from equities as bullish sentiment returns
– Bitcoin futures traders are cautious as BTC surges 25% in a week – Institutions switching from Bitcoin to Ethereum Futures, says JPMorgan
– As the crypto derivatives market grows, analysts assess their impact on prices. – ‘Extreme volatility’ expected as Bitcoin investors learn to value it
– Are Bitcoin Futures One of the Best ‘Risk Free’ Exchanges? – Obsessed amateur cryptocurrency traders are ‘disproportionately liquidated’
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