The cryptocurrency market is witnessing a significant increase in open interest (OI) for Bitcoin and Ethereum futures on centralized exchanges. As of March 16, the total volume of open positions for these assets reached approximately $30 billion.
This is reported by Finway
Open Interest in Bitcoin and Ethereum Shows Record Levels
According to the latest data, OI for Bitcoin futures has exceeded $23 billion, while the corresponding figure for Ethereum has approached $16 billion. For Ethereum, this is the highest level since January. This growth occurred amid an active market rally in mid-March.
Binance stands out among cryptocurrency exchanges with the largest increase in open interest. In one day, open interest for Bitcoin on this exchange increased by approximately $829 million, significantly surpassing the figures for Bybit (around $377 million) and Gate (around $255 million).
Regarding Ethereum, the increase in open interest on Binance was about $1.6 billion, responding to the price rise above $2300. In comparison, this figure reached $855 million on Bybit and $629 million on Gate.
Binance Maintains Dominance in the Futures Market
Heat maps showing the distribution of trader activity confirm the concentration of open interest specifically on Binance. This indicates user trust in the liquidity, order execution quality, and market depth on this platform.
“Such concentration demonstrates that during market rallies, traders tend to open large positions on Binance, where they are confident in liquidity, order execution quality, and market depth. This strengthens the exchange’s position as the primary platform for leveraged trading,” said Binance representatives.
Additionally, Binance announced an update to the VIP Holder program, which includes lowering asset volume requirements for access to higher tiers.