Deribit’s BTC Perpetual Futures Contract Hits 9-Month High
According to reports, data shows that the open position value of Deribit’s BTC perpetual futures contract has just reached $542350580, a 9-month high.
Deribit’s BTC perpetual futures contract open positions hit a 9-month high
Analysis based on this information:
The recent data released by Deribit has shown that the open position value of the BTC perpetual futures contract has just touched a 9-month high of $542,350,580. This surge in the open position value has been observed at a time when Bitcoin’s price is displaying sideways movement, hovering between $9,000 to $10,000, in recent weeks.
The open position value provides an understanding of the amount of capital deployed in futures trading. Hence, this increase in the open position value of Deribit’s BTC perpetual futures contract suggests a bullish sentiment towards Bitcoin’s future price. Furthermore, Deribit is one of the largest exchanges for Bitcoin derivatives in the market, and its BTC perpetual futures contract is the most popular contract traded on the platform. Thus, this surge in open positions implies a rise in demand for Bitcoin futures contracts.
The reason for the surge in Bitcoin futures demand could be attributed to the recent trend where institutional investors are showing interest in Bitcoin futures. The CME Group, the world’s largest futures trading platform, reported that its Bitcoin futures contract reached a record high in trading volumes in May, with a daily average of 13,600 contracts. Furthermore, the Grayscale Bitcoin Trust, a digital asset investment fund, reported that its assets under management surpassed $5 billion in June, primarily comprising institutional investors.
Moreover, the Federal Reserve’s monetary policy that looks set to keep interest rates low for the foreseeable future could have prompted many investors to move away from traditional investments and find alternative hedge assets like Bitcoin futures. This sentiment was also reflected with the recent uptick in Bitcoin’s price, reaching as high as $9,800 in July, after the Federal Reserve expressed its intentions of keeping interest rates low.
In conclusion, Deribit’s BTC perpetual futures contract hitting a 9-month high for open position value suggests a positive outlook for Bitcoin’s future performance thus hinting an upward bullish trend in its future prices. Institutional investors increasingly taking interest in Bitcoin futures and alternative hedge assets along with the Federal Reserve’s policy of keeping low-interest rates spurred this new wave of interest in diverse investments.
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