Bitcoin primed to retest $70,000 as BTC futures open interest soar past $34 billion.
) price has downtrended since it tested $70,300 on May 27, and is currently near $67,500, a 4% drop in two days. However, the $66,000 support has been holding firm since May 17, providing some reassurance to the bulls who are not yet alarmed by this correction.
On May 29, the aggregate Bitcoin futures open interest reached 516k BTC, the highest since January 2023 and a 6% increase over the past week.Chicago Mercantile Exchange leads the market with a 30% share, followed by Binance with 22%, and Bybit with 15%. This substantial open interest, equivalent to $34.8 billion, is a double-edged sword for the market.
The basis rate, or futures premium, is another critical metric. Typically, in a healthy market, the basis rate for Bitcoin futures ranges from 5% to 10% annually. This premium exists because futures contracts have a settlement date in the future, and traders are willing to pay more to lock in prices.The 3-month futures premium is at 14%, which is above the neutral range but not excessively high.
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