BitMEX and OKEx both see open interest pass $1 billion as a Cointelegraph analyst predicts bullish tensions will result in a “significant” BTC price move.
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.
BitMEX, OKEx futures open interest passes $1B
Bitcoin futures open interest (exchanges only). Source: Skew Markets
On 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.
Melker: BTC move likely “significant and soon”
Now, anticipation is building for a knock-on effect to boost BTC/USD even higher as markets look likely to test $10,000.
“We aren’t staying at 9400 for long. The next move should be significant and come relatively soon.”
Bulls double down on price gains
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.