In an important change, the number of people trading in Bitcoin futures has gone up a lot, especially on the Chicago Mercantile Exchange (CME). At the same time, the increase in open interest shows that more people are getting involved in trading Bitcoin futures. This could also mean changes are coming in the overall cryptocurrency market.
Let’s look at the new information about BTC futures and see why it’s going up so much.
New information about how much people are interested in trading Bitcoin in the future.
the amount of money that investors are betting on the future price of Bitcoin has gone up by 6. 14% in the last day. It’s now at a high $3. 89 billion This is important because big investors are keeping an eye on it. Significantly, the total amount of open contracts for Bitcoin on the CME has gone over 100,000, and is now at 109. 81k
This increase in people wanting to buy Bitcoin has made the total number of people interested in Bitcoin on different platforms go up to 466. 98 thousand Binance has the most people interested in Bitcoin, with about 113. 10 thousand
Many experts say that when the BTC Futures open interest on CME passes 100k, it shows that people feel good about cryptocurrencies. This is a big deal in the cryptocurrency world. This trend shows that more people are interested in Bitcoin futures. It could mean that people are feeling more positive about the market, or that they are being more careful and looking for ways to protect their investments.
Reasons for the Increase in Open Interest
The big increase in open interest is because of important macroeconomic reasons. One big reason is that people are expecting the U. S to grow The Securities and Exchange Commission (SEC) will soon give the green light to one or more Bitcoin exchange-traded funds (ETFs). The approval is likely to bring in a lot of money from new investors into the BTC market, which could make its value go up a lot.
Also, people who study the market think it’s more likely that interest rates will be lowered in March 2024. If this happens, it could cause a big increase in the value of risky investments like stocks and digital money. At the same time, the next Bitcoin halving is supposed to happen in April 2024. This could make the price of Bitcoin go up even more.
Additionally, the Federal Reserve has decided to be more cautious about raising interest rates, which has made people in the market feel hopeful. This positive attitude has helped the crypto market to keep going up and is seen as a possible reason for the increase in Bitcoin’s value.
Currently, the price of Bitcoin has gone up by 1. 77% in the last 24 hours and is now at $35,337. 98 The trading volume has also increased by 27. 62% to $1769 billion Many experts think the price of BTC will reach $50,000 because people are feeling positive about the market.
At the same time, more and more people are getting interested in Bitcoin futures. This shows that people are excited about the leading cryptocurrency and how it’s changing the way people trade and invest in digital assets.
