Bitcoin (BTC) is seeing a new spike in its open interest (OI) in the futures market as the token’s latest surge took it to a new all-time high (ATH), crossing the $93000 mark. Now, the BTC open interest has also reached a new ATH.
The OI of Bitcoin touched $55.7 billion today as there’s a massive surge in investors’ interest in the token, causing the trading activity to skyrocket, as per data from Coinglass, a data aggregator firm. The BTC price rally, before and after Donald Trump’s win in the US election has pulled up the open interest from a low point of $26.65 billion, last seen in August this year.
Most of this open interest surge comes from the Chicago Mercantile Exchange (CME) which harboured 32.3% of the Bitcoin futures OI. In total CME had $18 billion worth of BTC tokens which amounts to about 197,620 tokens.
This is followed by the largest crypto exchange in the world Binance which had 19.47% of the total Bitcoin OI. Binance had around $10.86 billion worth of the digital asset which amounts to more than 119,000 BTC tokens.
In third position was the Bybit crypto exchange which had 13.49% of the Bitcoin open interest which accounts for 82,580 BTC worth $7.53 billion. Crypto exchanges Bitget and OKX were in 4th and 5th position with 9.9% and 7.91% of the BTC open interest in the futures market respectively.
This happened when Bitcoin rallied to set a new ATH at $93,480 on November 13 but soon declined from it. In the 24 hours leading up to November 14, BTC was up 4% to trade at $91,108.
The digital asset’s Commodity Channel Index has peaked at 247 which means that Bitcoin is in overbought territory. Even though CCI has retracted to 163.35 since then, there is a divergence between Bitcoin’s price and this technical indicator.
In the last 3 days, Bitcoin has seen an unprecedented price surge but its CCI has continued to decline. This CCI slump and the BTC highs show that the digital asset is up for a potential downturn.
Bitcoin is likely to seek support at $88,000 if it fails to break through the current
