Currently, Bitcoin futures contracts expiring in March 2021 are priced 6% higher than the BTC/USD spot price at around $12,280. “It seems extreme to see BTC-Mar21 trading 6% above spot,” JSterz summarized.
“We have been at this level about four times since 2017. If #BTC breaches 13k this thing is going to explode.”
Open interest for a basket of trading platforms hit new all-time highs on Monday, beating a previous record from mid-February, before March’s coronavirus-induced crash. “Note the changes in market share of OI,” Ikigai fund manager Travis Kling commented, uploading an overview chart to Twitter.
Institutional investment in Bitcoin remains a major topic of conversation among supporters this month, following a dramatic buy-in from multibillion-dollar MicroStrategy in late July.
Asset manager Grayscale has seen record investment in its various cryptocurrency funds, as Bitcoin outperforms gold as a fiat hedge.
On Monday, a sudden swing above $12,000 was assumed to be a red herring, but the higher levels have since held.