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2 October 2022
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Cryptocurrency Market Update: Bitcoin options open interest hit new record above $1.5 billion

  • The value of open positions on Bitcoin options has been growing steadily.
  • Bitcoin and major altcoins are back inside the ranges.

The open interest on Bitcoin options exceeded $1.5 billion and hit the historic high in June, according to the data, provided by crypto analytic service Skew. 

Bitcoin options open interest past $1.5bln on our radar, only one month after crossing $1bln.

The exponential growth of opened positions was mostly related to a high trading activity on the regulated CME exchange. According to The Block, last month the open interest on CME increased by $150 million. However, Deribit, the trading platfrom for cryptocurrency derivatives, is still the uncontested leader with 77% of the aggregated Opne Interest.

Top-3 coins overview

BTC/USD has attempted a recovery above $10,000 after the FOMC announced a monetary policy decision and promised to keep rates low at least until the end of 2023. At the time of writing, the first digital asset is changing hands at $9,750, while the former resistance of $9,800 has flipped into a local support. This area was rejectd on several occasions earlier this week, which makes it harder for the bulls. 

BTC/USD 1-hour chart

ETH/USD retreated to $244.00 after a short-lived move above $250.00 during early Asian hours. A sustainable move above this level will allow for an extended recovery towards the recent recovery high above $254.00 The initial support comes at $240.00. At the time of writing, the second-largest coin is trading the short-term bearish bias, with 1.5% gains on a day-to-day basis.

ETH/USD 1-hour chart

XRP/USD settled at $0.2030 on Thursday and hardly changed both on a day-to-day basis and since the beginning of the day  The support is created by the lower line of the 1-hour Bollinger Band at $0.2010, which is closely followed by psychological $0.2000. If it is cleared, the sell-off may gain traction with the next focus on $0.1980 (June 7 low) and $0.1930 (daily SMA100). On the upside, the local resistance at $0.2040 limits the recovery.

XRP/USD 1-hour chart

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