Bitcoin Open Interest at Month-Long High Ahead of FOMC Decision

While not a definitive indicator of market sentiment, open interest in futures markets can help shape expectations around the forward price of an underlying asset

article-image

Source: Shutterstock / H_Sutthichai, modified by Blockworks

share

Open interest for bitcoin futures contracts remains near one-month highs as demand for digital assets continues to drive this year’s unexpected rally. 

Bitcoin futures are trading at $23,230 as of 6:30 am ET on the Chicago Mercantile Exchange, recovering from a 3.85% loss on Monday. The asset is now up 40% year-to-date.

Open interest, which measures the number of outstanding contracts on the bitcoin futures market, reached a peak of 289,720 last week on the Deribit exchange before dipping to around 260,000, according to published data

That was the highest point for the number of outstanding contracts since the end of last year. 

Interest in traditional finance and economic data has led to greater anticipation of volatility in digital assets, as seen by the increase in futures market activity and the underlying spot price of bitcoin. 

Bullish bets for contracts expiring on Feb. 1 are pointing to a strike price near $23,250, with a put/call ratio of 0.81. Open interest by strike price for contracts expiring on Feb. 3 places bitcoin in the higher range near $24,000, with a put/call ratio of around 0.59, according to Deribit data.

A low put/call ratio below 1 suggests a greater number of call options are being traded relative to put options, which is generally considered a bullish sign as market participants anticipate an upward trend in the underlying asset’s price.

Open interest by strike price refers to the number of outstanding futures or options contracts not yet settled and written at a certain price level. The data can provide information about trader expectations, as well as the market’s overall risk tolerance and potential for future price volatility.

If a large concentration of open interest exists at a specific strike price, it may indicate a high level of market risk as many traders are betting on the asset reaching that price level. 

While open interest is not a definitive measurement of bull/bear market bias, it can be interpreted as a sign of increased demand for an asset driven by factors such as increased economic activity.

A reading of 0.7 on Spearman’s rank correlation between traditional equities and crypto means digital assets continue to move in tandem and are likely to be impacted by wider macroeconomic events in traditional markets.

The US Federal Reserve is expected to announce a softer rate hike of 25 basis points on Wednesday, down from previous hikes of 50 and 75 basis points. A number of tech companies with blockchain exposure, including Meta, Google, and Amazon, are also expected to release their quarterly results this week.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template.png

Research

The march toward an interoperable and onchain-by-default internet depends on reliable messaging and value transfer across heterogeneous domains. Crosschain protocols now process >$1.3T in combined annual transfer volume and secure tens of millions of user interactions, yet no single design dominates.

article-image

The goal, per Santiago Santos, is to make crypto a relatable piece of tech for people who may not even understand it

article-image

Stripe stablecoin unit aims to operate under a federal charter enabling regulated stablecoin issuance and custody services

by Blockworks /
article-image

Will TradFi make crypto better or create more problems than it solves?

article-image

Subtle decisions by risk curators saved Aave from significant turmoil

article-image

The new Rootstock Institutional unit aims to connect professional investors to Bitcoin-native yield and liquidity strategies anchored in BTC’s security layer

by Blockworks /
article-image

DOJ files record civil forfeiture against more than 127,000 BTC linked to scam activity

by Blockworks /