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Author: Admin | 2025-04-28
U.S. listed spot ETF inflows continue to break records, as CME open interest spikes in the past 24 hours.Updated Oct 29, 2024, 6:17 p.m. UTCPublished Oct 29, 2024, 10:55 a.m. UTCBitcoin futures' open interest on a one-day basis saw the biggest jump in 24 hours since June, an increase of over 20,000 BTC.Since Oct. 16, U.S listed spot ETFs have seen $2.7 billion of net inflows.Bitcoin (BTC)-tracked futures set a record high open interest (OI) in U.S. dollar terms early Tuesday as the asset broke past $71,000 for the first time since June, data shows.BTC futures recorded their biggest one-day jump in OI since June 3. As of Tuesday, OI jumped to over 20,000 BTC, worth $2.5 billion at current prices, to reach almost 600,000 BTC, or $42.6 billion.Bitcoin: Futures Open Interest Daily Change (Glassnode) OI refers to the total number of outstanding derivative contracts, such as futures or options, that have not been settled. High open interest indicates that there is significant interest in a particular asset. When open interest increases along with rising prices, it suggests new money is coming into the market, indicating a strengthening trend - such as Tuesday’s.High open interest can lead to increased volatility, especially as contracts near expiration. Traders might rush to close, roll over, or adjust positions, which can lead to significant price movements. Research firm Kaiko said in an X post that while futures showed strong interest from traders, the funding rates for such positions remain well below March highs which indicate tempered demand.Funding rates in perpetual futures markets are periodic payments made between traders to ensure that the price of the perpetual contract remains close to the spot price of the underlying asset. Traders such as Singapore-based QCP Capital remain bullish on BTC in the near term, expecting price gains to continue in the weeks ahead.“With rising expectations around a potential Trump victory boosting both stocks and Bitcoin, we believe BTC is well-positioned for medium-term gains,” the firm wrote in a Tuesday broadcast on Telegram.Reasons why BTC OI has zoomedContracts offered on the Chicago Mercantile Exchange (CME) have seen a 9% surge in 24 hours, taking their open interest to 171,700 BTC, worth over $12.22 billion, which gives CME a 30% dominance in the futures open interest market. As they maintain their number one spot in this market.BTC: CME vs Binance Futures OI Dominance (Glassnode) In mid-October, bitcoin was trading
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