Bitcoin open interest jumps 25% since BlackRock ETF filing

Bitcoin open interest has reached levels not seen since May 2022, just before Terra’s implosion destroyed market confidence

article-image

Unknown man/Shutterstock modified by Blockworks

share

Open interest for bitcoin futures contracts on Chicago Mercantile Exchange (CME) is now at its highest point since March 2022.

There’s $2.98 billion worth of contracts open on CME, per Coinglass, and total bitcoin open interest across derivatives exchanges has swelled to yearly highs.

  • About $3 billion has been injected into the futures market over a two-week period — from 11.4 billion to $14.4 billion.
  • The surge began around June 19, a few days after BlackRock filed for its spot ETF. 
  • BTC is now up 22% since BlackRock’s filing and more than 85% year-to-date, trading at $30,800.

Large players continue to drive up derivative market activity following excitement over a possible approval for the US’s first spot bitcoin ETF, K33 said in a research note.

“Institutional activity remains elevated,” K33 senior analyst Vetle Lunde said in the report. “BTC ETPs globally have experienced significant inflows since the BlackRock announcement, pointing towards a substantial institutional demand to add BTC exposure.”

Image source: Coinglass

Funding rates for perpetual contracts also remain positive above a reading of 0.01%. Funding rates, calculated by the exchange, turn positive when markets skew bullish and turn negative amid bearish sentiment.

Bitcoin, at least for now, appears somewhat linked to future developments in the spot bitcoin ETF space. The SEC is yet to approve such a fund despite dozens of attempts over the years.

BlackRock was forced to refile its ETF bid last week, pushing back the 240-day time period in which the SEC can make a decision (although that timer won’t start until the application hits the Federal Registrar).

Bitcoin’s halving event is due in approximately 294 days. Bitcoin halvings have historically presented as a bullish catalyst, but the sample size — only three — is too small to be scientific.

“Bitcoin could thus benefit from a solid halving narrative and ETF expectations as we enter 2024,” Lunde said. “Both should lead to significant strength in BTC, reflecting positively on the market in Q1 2024.”


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

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.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates.png

Research

The convergence of DePIN and energy generation aims to address modern grid challenges by incentivizing distributed generation.

article-image

Blockworks Research uses numbers to help crypto advance to a higher stage of storytelling

article-image

While Arizona’s governor could veto another crypto reserve bill, similar North Carolina and Texas laws are approaching the finish line

article-image

However, they noted there’s now an increased risk that unemployment and inflation will rise in the coming months. 

article-image

The network’s most ambitious upgrade since the Merge brings validator streamlining, smart account UX and doubled blobspace to Ethereum

article-image

Debate over extra Bitcoin use cases has returned, two years on from Ordinals