The global investment community is on edge as the U.S. Securities and Exchange Commission’s (SEC) decision on a spot Bitcoin Exchange-Traded Fund (ETF) looms. This anticipation is reflected in Bitcoin’s price movements, with analysts and company officials’ optimistic statements fueling investor excitement and encouraging increased investment. CoinShares data provides clarity on the current situation.
As of today, open interest in Bitcoin futures contracts has reached an all-time high (ATH) of approximately $20.443 billion, equivalent to 435,700 BTC. This surge reflects growing investor expectations and appetite for the anticipated ETF, with a significant 11% increase in open positions over the last 24 hours.
The peak level of interest is maintained by the CME Bitcoin contract, which represents about $6.225 billion or 132,900 BTC in open interest. According to Coinglass data, this contract saw a 16.76% increase in open interest in the last 24 hours, highlighting the market’s increased volatility.
Following closely behind CME’s contract is the Binance Bitcoin contract, with 96,900 BTC or approximately $4.547 billion in open positions, making it the second-largest in terms of contracts, with a notable 10.67% increase during the same period.
While the approval for a spot Bitcoin ETF is increasingly anticipated, it has not only boosted optimism but also led to a significant rise in Bitcoin’s price. Bitcoin (BTC) saw a 9% increase on Monday evening, surpassing $47,000 for the first time since March 2022. This rise resulted in a defeat for short sellers, with over $100 million in short positions liquidated in the last 24 hours. OKX and Binance experienced the most significant losses for traders. Despite the liquidations, the 11% increase in open positions in the last 24 hours indicates that investors remain hopeful and continue to open new positions.
