Bitcoin ETF prospect moves open interest to $20 billion

As the crypto world awaits approval or rejection from the SEC today or tomorrow at the latest, the value of money entering derivatives exchanges is also increasing. The open interest value, which shows investment in futures in Bitcoin, ranges from $17 billion to $18 billion.

It was $19.2 billion in December

Experts note that the total value of open positions has been steadily increasing since October. According to Coinglass, $19.2 billion, the highest figure in the last 2 years, was captured at the beginning of December. In 2023, this figure ranged from $9.5 billion to $14.5 billion. The company stated that this figure is currently between 17-18 billion dollars.

In the latest report of analyst firm Amberdata, "We eagerly await the SEC's decision. Since October, the options market has been pricing in. High expectations remain," the statement said.

As it is known, Bitcoin spot ETF applications have been made to the SEC since 2013, but the institution has always rejected these requests. Recent lobbying activities and the adoption of cryptocurrencies by crowds and other countries have started to convince the American system in this sense.

In particular, Grayscale's court victory against the SEC in August turned the tide completely in favor of the cryptocurrency industry.

Published: January 9, 2024 11:58 am