Data on the chain shows that the Bitcoin spot market has not yet lagged behind due to its significant increase in number.
Both Bitcoin open interest and spot volume have exploded
In a new post on X, chain analytics firm GlassNode discusses the latest trends in Bitcoin’s open interest. “Open Interest” refers to an indicator that tracks the total number of BTC-related derivatives currently open on all exchanges.
It seems that the recent push toward recovery has led to a surge in speculative interest around cryptocurrencies as open interest witnessed significant growth.
“BTC futures open interest rose from $36.2B on Monday to $38.6B today, adding +$2.4B in less than 36 hours,” Analytics noted. “The metric’s substantial rise has attracted community attention, but what’s less talked about is that the other end of the market has also improved.
More specifically, trading volumes related to the spot market have recently observed a sharp increase.
“Trading Volume” is an indicator that measures the total number of cryptocurrencies that are participating in centralized exchange trading activities. In the current situation, only the volume related to the spot platform is interesting.
This portion of the transaction volume has increased from $2.9 billion to $8 billion, indicating that spot activity has almost tripled in less than 36 hours. “This shows that it is flowing into the spot market at the same time with OI Spike,” Glassnode said.
In general, gatherings based on high speculative interests are often unstable, as potential leverage positions may be easily liquidated.
Although for this reason the rise in open interest may be detrimental to the current recovery, the fact that trading volumes have also started at the same time may be a more optimistic sign.
The gathering requires constant fuel to be sustainable, which is the form of increased transaction volume. Runs that cannot attract attention from the spot market often do not last. With open interest and spot trading volumes now increasing, how Bitcoin will perform in the next few days.
BTC price
As the asset’s price has now hit the $91,000 level, Bitcoin has continued to increase its recovery over the past day.
