According to BlockBeats, on October 29, Bitcoin futures open interest surged by over 20,000 BTC in a single day, marking the largest daily increase since June 3. The total open interest in Bitcoin futures now stands at $42.6 billion.
Contracts provided by the Chicago Mercantile Exchange (CME) saw a 9% increase within 24 hours, with open interest reaching 171,700 BTC, valued at over $12.22 billion. This surge has positioned CME as a dominant player in the futures open interest market, holding a 30% share.
High open interest can lead to increased volatility, especially as contracts near expiration. Traders may rush to close, roll over, or adjust their positions, potentially causing significant price fluctuations.
