{"id":524167,"date":"2023-03-22T19:30:51","date_gmt":"2023-03-22T19:30:51","guid":{"rendered":"https:\/\/wncen.com\/?p=524167"},"modified":"2024-06-11T14:34:31","modified_gmt":"2024-06-11T14:34:31","slug":"bitcoin-rally-driven-by-record-open-interest-in-derivatives-market","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-rally-driven-by-record-open-interest-in-derivatives-market\/","title":{"rendered":"Bitcoin Rally Driven By Record Open Interest In Derivatives Market"},"content":{"rendered":"

Bitcoin (BTC), the largest cryptocurrency in the market, had been trading within a narrow range of $27,800 and $28,300. However, it has now broken out of this range and is regaining strength, even as investors await the outcome of the Federal Open Market Committee (FOMC) meeting.<\/span><\/p>\n

Regardless of how the FOMC meeting may impact Bitcoin, the options market has been crucial in driving the positive price action during the current rally. The surge in demand for Bitcoin options has created a strong market sentiment, fueling the uptrend that has seen BTC’s price rise by over 30% since mid-March.<\/span><\/p>\n

The notable rise in open interest in Bitcoin options, representing the total number of options contracts, has indicated a rising demand for BTC option products since the beginning of the rally.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin To $1 Million? Why Hyperinflation Is Unlikely In The US<\/a><\/div>\n

Why Is There High Demand For Bitcoin?<\/b><\/h2>\n

Recent <\/span>data <\/span><\/a>from Deribit, a derivatives exchange, reveals that the open interest in Bitcoin options has hit a record high. This indicates an increase in outstanding contracts, suggesting that more investors are using Bitcoin options to gain greater exposure to the cryptocurrency market.<\/span><\/p>\n

 <\/p>\n

\"Bitcoin
Notional open interest has breached a new record high. Source: Laevitas on Twitter.<\/a><\/figcaption><\/figure>\n

The chart above shows that the total notional open interest in the cryptocurrency market has surpassed $20 billion, with Bitcoin accounting for $12.5 billion and Ethereum options accounting for $7.55 billion.<\/span><\/p>\n

The options market open interest last surpassed the $20 billion mark in October 2021, indicating a notable surge in demand for cryptocurrency options products in recent months. This has fueled the ongoing rally in the industry, which has helped overcome the difficult period of the crypto winter and the FTX collapse that spooked investors.<\/span><\/p>\n

The growing interest and activity in the cryptocurrency derivatives market, as evidenced by the increase in open interest in Bitcoin options and the total notional open interest in the market, directly impact Bitcoin’s price. Additionally, this increased interest and activity can attract more participants to the market, boosting liquidity and driving up the price of the largest cryptocurrencies.<\/span><\/p>\n

BTC Continues Its Bull Run<\/h3>\n

Despite the uncertainty surrounding the FOMC’s interest rates decision, Bitcoin is trading at $28,700, having grown by over 2% in the last 24 hours. While many analysts have already priced in the Fed’s expected 25 basis point rate hike, research firm Blofin <\/span>notes <\/span><\/a>that only weekly implied volatility remains uncertain and has already started to decrease. Meanwhile, investors maintain a neutral-bullish stance.<\/span><\/p>\n

Bulls must maintain a position above the $28,600 resistance zone to validate the new bull cycle. If Bitcoin can end the day with a robust upward price movement and surpass $28,750, the largest cryptocurrency in the market will probably reach the $30,000 level in the short term.<\/span><\/p>\n

Overall, the increase in open interest in Bitcoin options shows the growing maturity of the cryptocurrency derivatives market, as more traders and investors seek to gain exposure to Bitcoin and manage risk using these products.<\/span><\/p>\n

Related Reading: Bitcoin Whale Activity Reaches Highest Weekly Levels Of 2023<\/a><\/div>\n
<\/div>\n
\"Bitcoin\"
BTC continues its uptrend on the 1-day chart. Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Feature image from Unsplash, chart from TradingView.com<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC), the largest cryptocurrency in the market, had been trading within a narrow range of $27,800 and $28,300. However, it has now broken out of this range and is regaining strength, even as investors await the outcome of the Federal Open Market Committee (FOMC) meeting. Regardless of how the FOMC meeting may impact Bitcoin, the options market has been crucial in driving the positive price action during the current rally. The surge in demand for Bitcoin options has created a strong market sentiment, fueling the uptrend that has seen BTC’s price rise by over 30% since mid-March. The notable rise in open interest in Bitcoin options, representing the total number of options contracts, has indicated a rising demand for BTC option products since the beginning of the rally.\u00a0 Related Reading: Bitcoin To $1 Million? Why Hyperinflation Is Unlikely In The US Why Is There High Demand For Bitcoin? Recent data from Deribit, a derivatives exchange, reveals that the open interest in Bitcoin options has hit a record high. This indicates an increase in outstanding contracts, suggesting that more investors are using Bitcoin options to gain greater exposure to the cryptocurrency market.   The chart above shows that the total notional open interest in the cryptocurrency market has surpassed $20 billion, with Bitcoin accounting for $12.5 billion and Ethereum options accounting for $7.55 billion. The options market open interest last surpassed the $20 billion mark in October 2021, indicating a notable surge in demand for cryptocurrency options products in recent months. This has fueled the ongoing rally in the industry, which has helped overcome the difficult period of the crypto winter and the FTX collapse that spooked investors. The growing interest and activity in the cryptocurrency derivatives market, as evidenced by the increase in open interest in Bitcoin options and the total notional open interest in the market, directly impact Bitcoin’s price. Additionally, this increased interest and activity can attract more participants to the market, boosting liquidity and driving up the price of the largest cryptocurrencies. BTC Continues Its Bull Run Despite the uncertainty surrounding the FOMC’s interest rates decision, Bitcoin is trading at $28,700, having grown by over 2% in the last 24 hours. While many analysts have already priced in the Fed’s expected 25 basis point rate hike, research firm Blofin notes that only weekly implied volatility remains uncertain and has already started to decrease. Meanwhile, investors maintain a neutral-bullish stance. Bulls must maintain a position above the $28,600 resistance zone to validate the new bull cycle. If Bitcoin can end the day with a robust upward price movement and surpass $28,750, the largest cryptocurrency in the market will probably reach the $30,000 level in the short term. Overall, the increase in open interest in Bitcoin options shows the growing maturity of the cryptocurrency derivatives market, as more traders and investors seek to gain exposure to Bitcoin and manage risk using these products. Related Reading: Bitcoin Whale Activity Reaches Highest Weekly Levels Of 2023 Feature image from Unsplash, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":524170,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,78790,6664,1558],"class_list":["post-524167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btcusdt","tag-crypto","tag-cryptocurrency"],"acf":[],"yoast_head":"\nBitcoin Rally Driven By Record Open Interest In Derivatives Market<\/title>\n<meta name=\"description\" content=\"The options market played a crucial role in driving the positive price of Bitcoin during its current trend, noting strong demand for Bitcoin\" \/>\n<meta name=\"robots\" content=\"index, follow, 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With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology. Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry. One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.","sameAs":["https:\/\/instagram.com\/itsmarquez_fr?igshid=ZDdkNTZiNTM=","https:\/\/x.com\/Rmmcapital"],"url":"https:\/\/wncen.com\/author\/ronaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Rally Driven By Record Open Interest In Derivatives Market","url":"http:\/\/wncen.com\/news\/bitcoin-rally-driven-by-record-open-interest-in-derivatives-market\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-rally-driven-by-record-open-interest-in-derivatives-market\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/dmitry-demidko-z4VuRg-ZOEg-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/dmitry-demidko-z4VuRg-ZOEg-unsplash.jpg?fit=2400%2C1600"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Ronaldo Marquez"}],"creator":["Ronaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btcusdt","crypto","cryptocurrency"],"dateCreated":"2023-03-22T19:30:51Z","datePublished":"2023-03-22T19:30:51Z","dateModified":"2024-06-11T14:34:31Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Rally Driven By Record Open Interest In Derivatives Market\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-rally-driven-by-record-open-interest-in-derivatives-market\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-rally-driven-by-record-open-interest-in-derivatives-market\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/dmitry-demidko-z4VuRg-ZOEg-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/dmitry-demidko-z4VuRg-ZOEg-unsplash.jpg?fit=2400%2C1600\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Ronaldo Marquez\"}],\"creator\":[\"Ronaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btcusdt\",\"crypto\",\"cryptocurrency\"],\"dateCreated\":\"2023-03-22T19:30:51Z\",\"datePublished\":\"2023-03-22T19:30:51Z\",\"dateModified\":\"2024-06-11T14:34:31Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/dmitry-demidko-z4VuRg-ZOEg-unsplash.jpg?fit=2400%2C1600","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/524167"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/589"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=524167"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/524167\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/524170"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=524167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=524167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=524167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}