BTC Futures Open Curiosity Hits $ 23 Billion, Binance Captures Lion’s Share, Indicators Say 43% Probability of $ 64,000 Bitcoin at Month Finish – Finance Bitcoin Information
Monday’s open interest in Bitcoin futures surpassed $ 23 billion, according to data as of April 5. The Crypto Asset Exchange Binance has taken the lead on open interest for Bitcoin futures with a massive open interest of $ 10.5 billion.
Binance records the Bitcoin Futures Lead
Not long ago, Bitcoin.com’s news desk reported that CME Group had taken the lead in terms of open interest in Bitcoin futures. This is no longer the case today as Binance is one step ahead in delivering futures derivatives for BTC. Analysis by Skew.com shows that Binance is ahead of Bybit, Okex, CME, Huobi, FTX, Deribit, Bitmex, Kraken, Bakkt and Coinflex. Binance, Huobi, Okex, and Bybit also lead the way when it comes to the daily volume of BTC futures.
The Coingecko data is slightly different, showing the 24-hour total Bitcoin futures volume at around $ 22,984,388,835 on Monday. Statistics show that Binance has an open interest of $ 10.5 billion and a daily 24-hour volume of $ 47 billion. According to Coingecko’s statistics, the list of exchanges after Binance includes Huobi, FTX, Bybit, Okex, Bitmex, Deribit, Kucoin, Bitfinex and Bitget in the top ten. Huobi is raising $ 7.1 billion in open positions today, while FTX Exchange hits over $ 6 billion in touch.
Insights from Glassnode also noticed the massive open interest in Bitcoin futures this week. “Open interest for futures has reached another all-time high of over USD 23.1 billion this week, with Binance and OKex making up the lion’s share with a total of 32% of all contracts,” said Glassnode on Monday.
“Remember that large open positions can increase market volatility in response to price corrections if leverage is exercised quickly. Interestingly, the futures volume declined steadily in March, with this week being particularly quiet compared to the volume in the previous months, ”researchers from Glassnode noted in the company’s weekly newsletter.
43% chance Bitcoin will hit $ 64,000 by the end of April. Cboe wants to get back into the Bitcoin futures game
Delta Exchange CEO Pankaj Balani says that according to Bitcoin futures, BTC has a 43% chance the crypto asset will hit $ 64,000 by the end of April. “Let’s say BTC is trading for $ 50,000. Then the offset is the difference in the implied volatility of, for example, a call of USD 52,000 and a put of USD 48,000, ”explained Balani in a note to the Bitcoin.com news desk. “In the event of a positive offset, traders are willing to pay more for an OTM call to take an upside risk than the equivalent to protect themselves from falling prices. As such, it can give us some insight into what market participants expect from spot price movements. “
With BTC at the $ 59,000 level, options markets are offering a 43% chance at $ 64,000 and 31% at $ 54,000 through the end of April. Apart from a brief spike during the recent price action, the realized volatility remains lower than implied. At different time frames, traders currently pay less for April options than for options that expire in May or June. Skew is nearing levels last seen in mid-March when the spot broke $ 60,000, indicating an overall bullish positioning of the market game.
Bitcoin futures have been wild for the past few months and demand has increased since the bull run began. Perpetual swaps and bitcoin options markets have grown tremendously, and Deribit is now the king of the bitcoin options game. In addition, there were call options for the price of BTC, which should reach $ 100,000-300,000 by December 31, 2021. Meanwhile, Ed Tilly, CEO of Cboe Global Markets, stated that the company may re-list BTC futures.
“We’re still interested in the room, we haven’t given it up,” Tilly said in an interview published last Thursday. “We are very interested in expanding the entire platform. There is a lot of demand from retailers and institutions and we have to be there, ”added the Cboe manager.
What do you think of the recent open interest in Bitcoin futures? Let us know what you think about Bitcoin derivatives market action in the comments section below.
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