Bitcoin's Open Interest and Price Surge Amidst Bullish Signs and Market Growth.
Open interest in bitcoin derivatives has surged to $10 billion, a five-month high after leverage subsided in the wake of FTX's collapse in November. A rise in open interest, alongside an increase in price, is often used to confirm the legitimacy of a move. Bitcoin was trading at around $30,000 after it surged to a 10-month high of $30,540 on Tuesday. Zahreddine Touag, head of trading at Woorton, a crypto trading firm and liquidity provider, said that bitcoin broke out in a "global risk-on environment," with the Nasdaq also rising by 10% in the last 30 days.