The Strongest Session for Bitcoin Futures Since February
According to CryptoRank, the total open interest across all Bitcoin futures markets surpassed $4.220B. The last time when the total OI demonstrated a higher level was on February 25 – $4.674B.
Also, the current result represents a roughly 121% increase since the Black Thursday crash on March 12.
In terms of the total Bitcoin futures volume, the current session with its $17.65B is the most active since June 15.
The substantial total OI growth is happening amid a jump of Bitcoin price above $10k. By definition, when both the market and OI increase, it means that the number of short players is increasing. While the price is pumping, short players are forced to close their positions, which eventually will push the price higher.