Bitcoin's open interest sees a $2 billion increase due to heightened trading activity

From Investing.com

January 7, 2025 06:30:19 AM:

Bitcoin’s recent price surge is impressive, but the $2 billion increase in open interest is the real story. This surge indicates heightened trading activity and investor interest. Open interest reflects the total number of active contracts in futures and options markets, often tied to volatility expectations. Funding rates remain low, signaling balanced market sentiment. Bitcoin’s momentum and OI suggest it may outperform other cryptocurrencies, with key support at $97,000 and resistance at $105,000. A break above resistance could lead to a test of $110,000, while a failure to hold support may result in a pullback to $87,000. Traders should monitor funding rates and volume for trend strength.

Read more at Investing.com: Open Interest Skyrockets By U.Today