Interest in Bitcoin futures contracts has reached $15.83 billion, up 33.5% since October 2023. All signs point to a bullish attitude among investors, who believe that the bear market is a tune of the past.
Huge interest in BTC futures
The above revelations were shared on X (Twitter) by Chinese journalist Colin Wu. He indicated that interest in Bitcoin futures and options has reached its highest level since early 2022. Wu reports that the number of open Bitcoin futures contracts is the highest since June 2022. This is, of course, due to the recent noticeably growing enthusiasm in the cryptocurrency market.
In addition, the value of options on Bitcoin is currently around $15 billion. The peak was reached on October 2, 2023, at $17.73 billion. It is worth noting that the highest rate of open futures contracts on Bitcoin was recorded on June 17, 2019, reaching a record 5311 contracts, which equals 26.555 BTC.
This year, on March 20, 2023, the face value of open Bitcoin futures reached its annual peak of $12 billion. Increasing futures and options activity suggests that investors expect significant fluctuations in Bitcoin’s price in the coming months. This indicates more activity by institutions and a general return of optimism.
U.S. bitcoin spot ETFs are clearly heating up the market
BTC futures allow investors to speculate on the future price of Bitcoin without being obligated to own the actual cryptocurrency. Options, on the other hand, give holders the right, but not the obligation, to buy or sell Bitcoin at a predetermined price.
These figures come at a time when BTC has seen an increase compared to the last few months. Bitcoin is currently oscillating around the $34,500 level, having gained 28% over the past 30 days. The value of BTC, along with other cryptocurrencies, is rising due to the anticipation of the potential approval of the first U.S. spot Bitcoin ETF.
The Fear and Greed Index sends a clear message
The Crypto Fear and Greed Index has risen to levels last seen in November 2021, when Bitcoin reached a historic peak of $69,000.
According to data from Alternative.me, the current level of the Fear and Greed Index is 71, signaling greed among market participants. The index is a popular tool that measures investor sentiment in the digital asset market. It indicates that investors are currently more confident in the positive prospects of cryptocurrencies, especially when it comes to BTC.
