Open Interest in Bitcoin Derivatives Hit Record High As $70,000 Within Reach

Open interest (OI) in Bitcoin derivatives hit a record high on Oct. 21, as Bitcoin’s price approached the $70,000 level. CoinGlass reported that the open interest on Bitcoin futures reached $40.5 billion, indicating a surge in activity for BTC derivatives. Open interest represents the value or number of outstanding futures contracts that have not yet expired. It reflects the amount of capital invested in Bitcoin derivatives, with higher OI often signaling increased leverage and potential volatility in the market. The Chicago Mercantile Exchange (CME) held the largest share of open interest, accounting for 30.7%, followed by Binance with 20.4% and