Open interest in bitcoin futures exceeded $11.5 billion

In January, the value of Bitcoin (BTC) increased by about 38%, according to data from the CoinGlass platform.

BTC has not shown such a strong monthly surge over the past ten years.

For example, in January 2020 and 2021, it strengthened by 29.95% and 14.51%, respectively. In the first month of 2013 alone, bitcoin soared by more than 44%.

In the derivatives market, interest in BTC futures is growing. As of January 30, the amount of deployed contracts reached $11.55 billion, the highest level since the beginning of November last year.

Open interest in bitcoin futures on Binance, CME, and OKX increased to $3.13 billion, $2.25 billion, and $1.77 billion, respectively.

CappThesis founder Frank Cappelleri recalled that the spot price of BTC soared from $16,000 to $23,000 in a month – this is a powerful breakthrough.

According to the analyst, the cryptocurrency will still have chances for a more impressive rebound if we do not see it return to the $21,500 mark in the near future.

A fall in BTC is possible if the Federal Reserve raises the discount rate this week.

The stock market will again be under pressure, and cryptocurrencies will also suffer losses.

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