Ongoing bitcoin futures peaked in one month, suggesting a rebound in speculative activity around the cryptocurrency after a series of positive headlines that appear to have stabilized the market.
The aggregate dollar value of open interest – bitcoin futures traded but unsettled – reached $ 13.1 billion, the highest since May 19, according to data from Skew. Over the past month, open interest was mostly between $ 10.5 billion and $ 13 billion.
Open interest is generally viewed as a measure of market activity. Higher open interest means more open contracts or more money flowing into the market.
“The crypto market is coming back to life,” Norwegian analyst firm Arcane Research wrote in a report on Tuesday.
However, the value of open interest is still less than half of the peak of $ 27.4 billion reached in mid-April, when the price of bitcoin hit a record high of nearly $ 65,000.
The largest cryptocurrency was changing hands around $ 40,600 at the time of publication.