Open Interest On Bitcoin Futures While Tezos Sets Eyes On $5.00 USD

Interest in bitcoin futures has now surpassed $5 billion. This is according to data by The Block which suggests that amassed open interest on Bitcoin futures contract has now surpassed $5 billion. It is a strong signal that money has begun flowing into the market.

Open interest is an illustration of the value of outstanding futures contract yet to be settled. It is also an indicator that traders expect a short term change in market volatility.

BitMEX, a crypto futures platform is liable for 31% of the aggregated sum with a $1.6 billion outstanding interest. OKEx, a Chinese exchange, on the other hand, commands $1.4 billion interest on contracts while Huobi comes in 3rd at $1 billion. CME, a regulated crypto exchange and bitcoin futures operator holds $312 million in interest while Bakkt, an intercontinental exchange generated $18 million only.

In spite of being at number 5 in the most popular sites for trading bitcoin futures, CME registered an ATH in total reportable traders (those with over 25 BTC) while witnessing a decline in the concentration of open interest at the rest of the top 4.

Tezos At Its Highest-Ever Weekly

Meanwhile, it was yet another successful period for Tezos. The digital currency was on the verge of setting an ATH, trading at over $50 million USD. It currently trades at $3.60 in major exchanges, up from $1.33 it started with at the start of January.

The digital currency has been quite explicable in both traded volumes and liquidity since the beginning of 2020. It has recorded over $500 million in traded volumes in the week so far with two trading sessions still open before the weekend.

Highest Trading Since August

Tezos has been on its highest trading volume since August and is a signal of a bullish run towards key resistance at $3.70, $4.00 and possibly at $5.00 USD in the coming days.

Data collected by Messari suggests that XTZ recorded its highest-ever trading volume earlier on Wednesday with over $170 million tokens worth being traded. In addition, 6 of the top 10 days in the list of highest recordings were from the past week.


Target Of $5.00 Set

The rising volumes of trade strengthen the bullish sentiment with bulls having to reset their targets to $4.00 USD after breaching the $3.00 USD resistance and turning it to key support.

Currently, the 10th largest crypto is trading at $3.512 USD which is only a few cents away from setting a new all-time high.

With the rising trade volumes, closing at $4.00 might set the market ablaze with bulls on a target of $5.00.