As Bitcoin (BTC) price remained trapped in a consolidation over the past two months, it has seen its Open Interest (OI) – the total unsettled futures in the derivatives market – surge to a local high.
Bitcoin’s OI 30D change, which shows the net buildup of new positions over the past 30 days, has climbed to about 750,000 BTC, valued at around $47.92 billion at press time, according to data from CryptoQuant, analyzed by Finbold on July 29.
BTC OI 30D Change. Source: CryptoQuant
The BTC OI 30D change has gradually climbed over the past two months, signaling a renewed wave of leveraged speculative trading. Binance cryptocurrency exchange recorded the highest growth in Bitcoin OI 30-day of approximately 336,550 coins, valued at over $21.53 billion at the time of reporting.
Gate.io registered roughly 319,880 BTC in fresh capital to its derivatives segment. Meanwhile, Bybit crypto exchange has seen an increase of 137,860 Bitcoin, worth more than $8.8 billion at the time of
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