Derivatives traders are more active again, with open interest in bitcoin (BTC) futures going up significantly in recent days as BTC is testing the USD 57,000 level for the first time since May.
At 13:37 UTC, bitcoin was trading at USD 57,053 and was up by 3% in a day, 18% in a week and 27% in a month. The rise made bitcoin today’s best performer among the top 10 cryptoassets by market capitalization.
Moreover, the number one cryptocurrency also outperformed the majority of altcoins in the top 100 by market capitalization today, with the exception of only the recently hot meme coin shiba inu (SHIB) and a few other smaller capitalization tokens.
The latest gains today come as interest in bitcoin trading also picked up among futures traders. According to data from the crypto market analytics firm Glassnode, BTC futures open interest – a measure of the value of futures contracts that are open at any given time – has risen 45% since a low point in September, to USD 17.6bn as of today.
But although the figure is currently elevated, Glassnode also pointed out that it is still well below the interest from the last time bitcoin traded at 56,000 in May. Back then, open interest stood at USD 22.5bn, almost USD 5bn higher than today.
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