Bitcoin’s share of futures trading declines – funds flow into altcoins
As 2023 approaches, cryptocurrency traders are showing increasing interest in altcoins.
The dollar value locked in active futures contracts related to Bitcoin (BTC) is currently 38% of the overall market notional futures open interest of $30.45 billion (approximately 4.26 trillion yen, at an exchange rate of 1 dollar = 140 yen). occupies. That’s the lowest figure in two years, according to data tracked by Coinalyze.
“All the money seems to be flowing to altcoins,” Coinalyze told CoinDesk, explaining that BTC’s dominance in futures open interest is decreasing.
This data signals a resurgence in risk appetite in the crypto asset market, which typically follows a significant upward trend in Bitcoin.
Bitcoin, the number one cryptocurrency by market capitalization, has surged more than 60% since October 1. This is primarily due to the low federal funds rate and expectations that the U.S. Securities and Exchange Commission (SEC) will approve one or more spot BTC exchange-traded funds (ETFs).
As of this writing, BTC is up 156% year-to-date, while Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is up 85%.
BTC’s dominance in open interest decreased from about 50% to 38% in two months. (Coin analysis)
As you can see above, BTC’s futures open interest fell from nearly 50% to 38% at the end of October. While ETH remains stable at nearly 21%, the altcoin’s share has increased from 32% to 41%.
｜Translation: CoinDesk JAPAN ｜Editor: Toshihiko Inoue ｜Image: Coinalyze ｜Original Text: Bitcoin’s Share in Cryptocurrency Futures Trading Slide Shows Altcoin Profits Allure Traders.
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