On Monday, the Bitcoin rate surged above $28,000, prompting investors to flock to BTC futures. Open interest in the contracts has increased by about 7%, reaching a high of $12 billion, according to CoinGlass data.
This indicates that big capital is entering the market and is expecting further growth of BTC. Experts from Quantrend Technology noted that the crypto sphere is slowly regaining its positive sentiment, a feeling last seen before the collapse of the Terra ecosystem in May 2022.
However, investor activity could quickly reverse if volatility increases and the spot price of Bitcoin decreases. The highest open interest in BTC futures was recorded on April 15, 2021, with a total of $23.8 billion deployed contracts.