Ramazan Eles 
Open interest on centralized exchanges just reached a new 2024 high, surpassing levels not seen since November 2021.
CoinGlass data shows that on Monday, the combined open interest for Bitcoin futures hit a fresh peak of $22.9 billion, inching closer to the $24 billion recorded in late 2021. Since the year began, this metric has jumped over 30%, mirroring Bitcoin ‘s own impressive price movement. The leading cryptocurrency currently trades at $52,300, marking a 23% year-to-date gain and revisiting levels last seen in December 2021.
Ether futures are also enjoying the limelight, with their total open interest climbing to $10.5 billion, a 50% increase since January 1st. The price of Ether has correspondingly risen to $2,900, representing a year-to-date gain of over 27%.
Open interest serves as a key indicator of market activity and trader sentiment for a particular asset. It measures the total value of all outstanding or “unsettled” Bitcoin futures contracts across various exchanges.
The recent surge in open interest can be partially attributed to the launch of Bitcoin spot exchange-traded funds (ETFs) by financial giants like BlackRock and Fidelity over the past few months. These ETFs have attracted over $4 billion in inflows within a short period, highlighting investor interest in the broader crypto derivatives market.