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Bitcoin’s open interest has risen to $ 4 trillion for the first time since Black Thursday.

June 11, 2020

Amid a sharp drop in Bitcoin prices Open interest (OI) for the digital asset reached $ 4 billion for the first time since Black Thursday.

According to Skew, a cryptocurrency analytics and monitoring company, total open interest in Bitcoin futures has increased to nearly $ 4 trillion. the best recovery since the market crash on March 12th.

Bitcoin futures, which have since been offered by the Chicago-based CME Group and broke their OI record in early May, They were followed by a more general recovery.

Bitcoin’s open interest has risen to $ 4 trillion for the first time since Black Thursday.Bitcoin’s open interest has risen to $ 4 trillion for the first time since Black Thursday.

As the signature mentioned in their Twitter thread, Three months was the average required to recover OI Bitcoin futures from pre-Black Thursday levels.

However, The proportion of BitMex and OKEx exchanges was still below what they had assumed before the big Bitcoin price shockwhen it fell to an average of $ 4,000 in March this year.

Bakkt arouses no interest

In another tweet, the cryptanalysis company showed that open interest options have increased by 50 percent since May 20. At the time of publication, $ 1.5 billion was reached.

Select the diagram Bakkt’s average volume of $ 172,000 is well below expectations despite the great public relations around the company.

For its part, the CME Group has increased the involvement of institutional customers, although it is still far below the industry leader. the Panama-based deribit exchange, which dominates the sector with more than 73 percent of the volume of this type of financial instrument.

The open interest of Bitcoin futures on various exchanges increased significantly in May, as Skew indicated in a publication on June 2.

According to the statistical data of the cryptanalysis company $ 3.69 billion is the size of this market on the major cryptocurrency exchanges. OKEx topped the list when it surpassed the $ 1 billion mark.

Although Deribit has been the biggest dominant in this segment in the past, the milestone recorded by OKEx puts it in a pretty similar position, although the company has placed it in the sixth box so far.

Bitcoin has not only seen an increase in open interest, Ethereum options are also increasing, as reported by Skew on June 1st when He showed The trading data for the ETH options ended with a new record of fictitious transactions of USD 30 million.

The number could be undercut in the next Skew reports since the news that OKEx would now offer options for the most important old coin on the market since June 4, historically monopolized by the Deribit Exchange.

In conclusion, the company has shown a price correlation of Bitcoin futures options in the various cryptocurrency exchanges that offer it over the past few hours, with the remarkable remark of an overwhelming difference for the Binance and BitMex BTC Sep20 futures.