Bitcoin has been on a roll lately, with the spot market showing no signs of being left behind in the latest price rally. Data from on-chain analytics firm Glassnode reveals that both Bitcoin Open Interest and spot volume have witnessed a significant surge in activity.
Open Interest, which tracks the total amount of derivatives positions related to BTC that are currently open on all exchanges, has seen a notable increase. According to Glassnode, BTC Futures Open Interest rose from $36.2B to $38.6B in less than 36 hours, indicating a $2.4B jump. This spike in Open Interest has caught the attention of the community, but what’s less talked about is the boost in spot market activity.
Spot Trading Volume, which measures the total amount of Bitcoin being traded on centralized exchanges, has also experienced a sharp increase. From $2.9 billion, the spot Trading Volume has surged to $8 billion, nearly tripling within a short period. Glassnode notes that this influx of capital into the spot market alongside the Open Interest spike is a positive sign.
Speculative rallies can be volatile, as leveraged positions are vulnerable to liquidation. While the rise in Open Interest could pose a risk to the current recovery, the surge in spot Trading Volume indicates a healthy influx of capital. Sustainable rallies require constant fuel in the form of increased Trading Volume, and the current uptick in both Open Interest and spot volume bodes well for Bitcoin’s future performance.
Bitcoin Price Update
Bitcoin’s price has continued its upward momentum, reaching the $91,000 level in the past day. The price chart reflects a steady climb in value, indicating bullish sentiment among investors.
Overall, the latest data suggests that Bitcoin’s spot market is not lagging behind in the ongoing price rally. With both Open Interest and spot Trading Volume on the rise, the cryptocurrency market appears to be gaining momentum and attracting increased investor interest.