The global crypto market woke up on Tuesday to see broad green indexes as the biggest crypto Bitcoin (BTC) and Ethereum (ETH) pressed on the acceleration paddle. The cumulative market cap surged by more than 8% over the past day to stand at $2.14 trillion. An increased enthusiasm can be seen among the traders as data depicts a big jump in open interest (OI).
Bitcoin futures OI hitting hard
According to the data provided by Coinglass, the total Bitcoin Futures open interest stands at $25.78 billion (455.69K BTC). It is a recorded 10.24% surge in BTC OI.
However, the Bitcoin futures open interest went on to hit a record high of $7.77 billion (137.55k Bitcoin) on the Chicago Mercantile Exchange (CME). This has been seen as a 16% jump in the past 24 hours with a rate of 30.13%.
Binance stood in the second position in this tally as it registered $6.13 billion of Bitcoin future open interest. This is a recorded jump of more than 5% in the last 24 hours. While the crypto exchange Bybit saw $4.11 billion worth of open interest being registered.
The recent jump in Bitcoin future open interest depicts that traders are jumping in place their bets on BTC price movements. The biggest crypto knocked a surge of over 10% in the past 24 hours.
BTC breached the $57,000 price level for the first time since December 2021. It is trading at an average price of $65,637, at the press time. Its 24 hour trading volume is up by 207% to stand at $50.5 billion.
Liquidations go big
Coinglass data depicts that more than 81k traders were liquidated over the past 24 hours. The total liquidations recorded by the tracker stand at $362 million. The largest single liquidation order happened on Binance of ETH/USDT value of $10.38 million.
MicroStrategy, a crypto investing and software firm, disclosed the purchase of approximately 3,000 bitcoins for $155 million. This move by MicroStrategy, the largest publicly traded owner of Bitcoin, contributed to a more than 10% increase in Bitcoin’s price within two days.
The rally extended to other cryptocurrencies, with Ethereum, the second-largest by market cap, reaching a multi-month high above $3,200. The positive momentum lifted various crypto-related equities, including MicroStrategy and Coinbase, which both surged over 16%. Investors, especially in the US are showing bullish sentiment ahead of an upcoming “bitcoin halving” set for the second half of April.
