BTC and ETH Open Interests hit new all-time-high as Bitcoin nears $100k

Bitcoin and Ethereum open interest in the futures markets reached an all-time high in the last 24 hours of trading after Bitcoin flirted with $100,000.

BTC OI reached ATH in the last 24 hours, November 22, 2024 | Source: ETH OI reaching ATH in the last 24 hours, November 22, 2024 | Source: coinalyze

Bitcoin(BTC) OI reached a peak of $57 billion in the last 24 hours on November 22. Meanwhile, Ethereum(ETH) OI rose 12% during the same period, reaching an all-time high of $20.8 billion. Both cryptocurrencies achieved the highest accumulated Open Positions following declines at the beginning of the month.

Open interest is a metric used in the crypto industry to indicate the amount of futures contracts traded on exchanges. A higher interest level indicates that a crypto asset is more liquid and in significant demand.

This surge comes just hours after Bitcoin reached an all-time high of $99,486 and moved even closer to $100,000. Ethereum also saw a 7% increase

According to data from Coinglass, BTC Open Interest is currently at $64.08 billion and most of it comes from CME. CME holds more than 33% of the total Bitcoin futures OI with 216,820 BTC worth $21.23 billion.

This is followed by Binance, which is the largest crypto exchange by trading volume and holds 19.2% of total BTC OI, with over 124,740 BTC open positions worth approximately $12.22 billion.

Bybit ranks third with 13.39% of BTC OI, reaching 87,020 BTC or $8.53 billion, while Bitget and OKX are in the top five with 9.87% and 8.4% share, respectively.

On the Ethereum side, the total value of ETH OI is $20.08 billion. Unlike Bitcoin, Binance accounts for the majority of ETH Open Interest, holding 31.19% of the total with 1.9 million ETH worth $20.09 billion.

Bybit is in second place with 18.18% of ETH OI and has 1.11 million ETH worth approximately $3.65 billion. CME ranks third with 663,180 ETH worth $2.19 billion. CME holds approximately 10.88% of the total ETH OI in the market.

OKX and HTX entered the top five with a share of 9.38% and 7.82%, respectively.