On Saturday, August 1, aggregated open interest in Bitcoin futures reached a new all-time high (ATH).
According to a report from The Block, the aggregated open interest (AOI) surpassed its February ATH of $5.369 billion to reach $5.575 billion. Open Interest is the total value of outstanding Bitcoin futures that have not yet been settled.
As at the time of publication, the leading Bitcoin futures were BitMEX, OKEx, Huobi and CME. The four big players have maintained a steady lead in the futures space despite Bitcoin’s recent volatility. On July 28, CME achieved a new ATH for its cash-settled open interest, reaching over $724 million. Back in May, Bitcoin options open interest hit $1 billion.
The Bitcoin Futures market, much like many other markets, took a massive hit in March when the coronavirus pandemic swept through the world. The crypto market lost almost half its value in one day, now termed ‘Black Thursday’ by the crypto community.
At the end of July, Bitcoin investors got excited as Bitcoin broke free out of its $9,000 range to reach over $11,000. However, last weekend, a flash-crash in Bitcoin and Ether caused panic for the crypto holders.
The cause of the crash was a $1.3 billion liquidation. About 70,245 crypto traders were affected by the event.
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