Bitcoin futures open interest rose by 9% to 715.71K BTC, valued at $66.98 billion, spurred by optimism in the U.S.-China trade negotiations. Bitcoin prices increased by 5.83% to nearly $94,000, with funding rates turning positive. Notable 24-hour trading volume reached $328.18 billion, and significant inflows into Bitcoin ETFs occurred, signalling strong investor confidence. Current market conditions indicate a bullish outlook, despite potential volatility.
The current state of Bitcoin futures reflects significant developments in the market, with open interest rising by 9% to 715.71K BTC, which is valued at approximately $66.98 billion. This increase is attributed to a 5.83% surge in Bitcoin prices nearing $94,000, influenced by optimism surrounding U.S.-China trade relations. Moreover, funding rates have become positive, signifying a bullish sentiment among traders.
Data from Coinglass indicates that total open interest in Bitcoin futures across key exchanges reached 715,710 BTC, up 8.54%. Notional open interest in BTC perpetual futures also saw an increase of 10%, totaling $17.83 billion, marking the most substantial daily growth since March 2. The Chicago Mercantile Exchange (CME) leads in open interest, holding 144,950 BTC, while Binance and OKX follow.
In terms of trading activity, the 24-hour volume has surged significantly, amounting to $328.18 billion. Gate.io observed the most considerable rise in open interest, with an increase of $8.27 billion, while Bitunix experienced a decline of 2.40%. Additionally, funding rates for Bitcoin and Ethereum are currently projected between 5% and 10% annually.
The growth in prices is further supported by investment inflows into Bitcoin exchange-traded funds (ETFs), which reached a net inflow of $936.4 million on April 22. Significant contributions came from Ark 21Shares ARKB, which accounted for $267.1 million of this inflow, marking a noteworthy event in Bitcoin’s investment landscape.
U.S. Treasury Secretary Scott Bessent’s comments regarding easing trade tensions with China sparked this bullish trend. President Donald Trump confirmed substantial reductions in tariffs on Chinese imports, further stabilising market expectations alongside assurances regarding Federal Reserve Chair Jerome Powell’s position. As a result, Bitcoin’s market capitalisation has risen to $1.86 trillion, with trading volume increasing by 61.18% to $59.4 billion. Since these developments, Bitcoin has ascended to become the sixth most valuable asset globally, surpassing silver and Amazon.
In conclusion, while the increase in Bitcoin’s open interest and price is promising for the cryptocurrency market, investors should remain vigilant, as conditions may shift rapidly. It is advisable for individuals to independently verify market trends and analyse the information carefully before making investment decisions.
