TechFlow reported on October 29, according to Coindesk, that the open interest in Bitcoin futures surged by over 20,000 BTC within a single day, marking the largest daily increase since June 3. The total open interest in Bitcoin futures has now reached $42.6 billion.
Contracts provided by the Chicago Mercantile Exchange (CME) jumped 9% within 24 hours, with positions reaching 171,700 BTC, valued at over $12.22 billion, giving CME a dominant 30% share of the futures open interest market.
Elevated open interest could lead to increased volatility, especially as contracts approach expiration. Traders may rush to close, roll over, or adjust their positions, potentially causing significant price fluctuations.
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