Open interest for Bitcoin futures, as indicated by recent activity on centralized crypto exchanges, has recorded a new high, a trend that points to a boost in overall trading volumes across the largest cryptocurrency in terms of market cap and global adoption.
CoinGlass data reveals that the total open interest for Bitcoin (BTC) futures recorded a record level of $38 billion this past Friday (March 29, 2024).
From the beginning of this year, daily open interest in BTC futures surged by over 100% dating from January 1, 2024 when it had been reported to be around $17.2 billion.
Notably, this increase comes with the BTC price rise to above the $70,000 mark which represents a two-thirds appreciation YTD.
Open interest is a term used to refer to the measure of the aggregate value of outstanding/unsettled BTC futures contracts which have been issued via centralized digital asset exchanges.
Open interest suggests heightened crypto market activity as well as trader sentiment regarding a certain type of asset.
It’s worth noting that these figures are not the only indication of an overall positive crypto market outlook.
With the BTC price increasing and transaction fees remaining elevated during this time period, Bitcoin miner revenue notably reached a new all-time-high this month, exceeding $76 million in a single day, according to an update shared by Coin Metrics.
The leading 3 publicly-traded Bitcoin miners Marathon Digital, CleanSpark as well as Riot Platforms continue to compete for investor attention, each leaning into a differentiated strategic focus, the Coin Metrics report added.
Marathon Digital’s new “Slipstream” service now allows for extra-large transactions, with the firm mining the 3 largest Bitcoin blocks ever at 3.98+ MB each, the Coin Metrics team revealed.
Bitcoin’s estimated power consumption also reached a new high of 19.6 GW in February 2024, though the average ASIC is on its way to becoming considerably more efficient, consuming only 30.99 J/TH.
