Most reliable crypto exchange. Bitcoin Futures Volatility ‘Coming’ as BitMEX Hits $1B Open Interest

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Bitcoin (BTC) futures are fast becoming the darling of institutional investors as open interest spikes 60% since the start of 2020. Data from monitoring resource Skew Markets shows that open interest across major futures offerings from exchanges now stands at more than $4 billion. Over half of that stems from two companies — derivatives giant BitMEX and crypto exchange OKEx — both of which now have open interest in excess of $1 billion. Bitcoin futures open interest (exchanges only). Source: Skew MarketsOn Monday, fellow platform Deribit confirmed month-on-month Bitcoin futures options turnover was surging 70%. The latest data caps an extraordinary month for Bitcoin futures, which have accompanied price gains of almost 35% this year. As Cointelegraph reported, the global volume has also expanded in recent weeks to challenge previous records. On a single day last month, futures markets exchanged more than $25 billion. Now, anticipation is building for a knock-on effect to boost BTC/USD even higher as markets look likely to test $10,000. “With Bitmex Open Interest hitting a billion, volatility is almost assuredly coming,” Cointelegraph Markets analyst Scott Melker summarized in a tweet on Sunday.“We aren’t staying at 9400 for long. The next move should be significant and come relatively soon.”Melker is far from alone in eyeing a bullish short-term trajectory for Bitcoin. The impact of May’s block reward halving — now less than 100 days away — is already a hot topic among commentators. Thereafter, calculations point to a bull run which should take BTC/USD to $100,000 by 2022. Speaking to Cointelegraph late last week, two well-known crypto YouTubers threw their weight behind the forecast, arguing the bull cycle which would take Bitcoin there had in fact already arrived.

All data is taken from the source: https://cointelegraph.com/
Article Link: https://cointelegraph.com/news/bitcoin-futures-volatility-coming-as-bitmex-hits-1b-open-interest

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Bitcoin Futures Volatility ‘Coming’ as BitMEX Hits $1B Open Interest: https://www.youtube.com/watch?v=h_bIbZyHZu0