While Bitcoin ventured above the $19,000 level and then retreated below it, Glassnode has reported that the value of open interest in Bitcoin futures on the Binance platform has surged to a new all-time high.
At press time, Bitcoin is above $19,000 again.
Bitcoin futures OI hits $1.17 billion ATH
Open interest on BTC futures has skyrocketed on Binance, as per Glassnode analytics agency. The value now stands at a new all-time high of approximately $1.17 billion.
Open interest shows the amount of futures contracts acquired by investors and a new all-time high here confirms the trend that has formed toward Bitcoin this year: a rising interest from financial institutions that have been absorbing Bitcoin and Ethereum throughout 2020.
Binance launched perpetual Bitcoin futures trading in August this year which came as a second step after kicking off futures based on USDT.
Binance is the crypto exchange with the highest spot trading volumes, and it is also among the leaders in crypto futures trading.
As it became known today, it is preparing to expand its list of cryptocurrency derivatives and launch options on Litecoin—the seventh top cryptocurrency, often referred to as "digital silver."
Prior to that, U.Today reported a rise in cumulative open interest on BTC futures surpassing $1 billion. Data came from four major exchanges that deal with crypto derivatives such as Binance, OKEx, CME and Bybit.
The rise in Bitcoin futures OI on Binance is likely to be driven by today's Bitcoin uptick as the world's most popular crypto overcame the $19,000 threshold.
Bitcoin futures OI on CME crosses $1 billion
Roughly a week ago, another major platform that trades BTC futures contracts reported a new all-time high. CME saw Bitcoin futures OI surge to $1 billion.
CME and CBOE were the first crypto exchanges to kick off Bitcoin-based futures for institutional players in December 2017.