Open interest for Bitcoin options higher than futures, what does that mean?

Open interest for Bitcoin options higher than futures, what does that mean?

Bitcoin seems to have reached an upper limit, since the price continued to hover below the psychological resistance level of $ 30,000. This has caused some to assume that the rally could soon end because the Futures Oi have remained relatively flat all year round.

But the option market has a different story to tell.

possible Bitcoin rally?

according to the latest according to Glassnode has the amount of the open interest Bitcoin option contracts reached $ 10.3 billion. The futures contracts, on the other hand, amounted to $ 10 billion, which indicates that the amount of OI in Bitcoin option contracts exceeded the futures contracts for the first time.

The height of the open interest in #bitcoin Option contracts (USD 10.3 billion) have exceeded the (10.0 billion USD).

Futures Oi was relatively flat in 2023.

This results from considerable purchases of call options, since the investors begin, on higher ... pic.twitter.com/jtkm0uqwzp

-Glasknot (@glasknot) 8. April 2023

An increased trading volume that has increased by 28.39 % in the past 24 hours confirmed the interest bully story. During the same period, the Bitcoin price also recorded a slight increase of 2 %. The crypto-asset recorded more than 73 % price gains on a YTD basis.

more accumulation

According to the data from Glassnode, the flagship crypto has recently experienced a significant accumulation. The increase in the price campaign has The number of non-NULL addresses is rapidly and fed up 45.5 million rise, which indicates a great improvement in Bitcoin's on-chain activity.

Another blockchain analysis company, Santiment, observed an rising rate of Bitcoin Hodlern. It was said that the dealers seem to be satisfied with leaving their bags unmistaked in the long term ". Interestingly, it was also pointed out that a similar trend emerged from January to April 2021. At that time, Bitcoin rose over $ 64,000 for the first time

In the meantime, the hash rate of the Bitcoin network and the mining difficulty ATHS reached, as has recently been reported. Due to the steady price increase, miner revenue has also recorded almost 70 %since the beginning of the year. This is an urgently needed breathing space after a rocky year 2022.