Future’s open interest is the total amount of funds (USD Value) allocated in open futures contracts.
As Cryptoslate has discussed in previous insights, futures open interest has declined since the collapse of FTX.
However, the exchange CME has seen a whopping increase of over 84k BTC, the equivalent of almost $2B in the past 24 hours.
Each time this amount of BTC is allocated in futures contracts, something big price-wise has occurred. Such as the top of the 2021 bull run in November and the collapse of the exchange FTX.
Futures Open Interest – CME: (Source: Glassnode)
Futures Open Interest: (Source: Glassnode)