Crypto/Market Analysis
Bitcoin Futures Surge by $600 Million on Binance, Indicating Market Volatility Ahead
The surge in Bitcoin futures open interest on Binance, combined with rising prices, suggests volatile activity in the cryptocurrency market.
1 min read
Overview
The price of Bitcoin (BTC) has risen 2% to $87,800 since midnight UTC. This increase is accompanied by a rise in future open interest on Binance, suggesting a positive market sentiment that could indicate sustainable gains.
Key Points
- Open Interest Growth: The open interest in BTC-USDT futures on Binance has increased by approximately 7,000 BTC ($614.6 million) since early trading hours in Asia, indicating an increased number of active contracts.
- Funding Rates: Binance’s funding rates have remained positive, suggesting a preference for leveraged bullish strategies, which may lead to incoming volatility.
“This is a good sign, volatility is coming,” said Coinglass, highlighting the significant increase in open interest.
Further, the BTC price has increased significantly, accompanied by rising futures interest, pointing towards potential price shifts in the near future.
