Bitcoin open interest at the Chicago-based Chicago Mercantile Exchange,
worth approximately $2.7 billion,
is surging just as bitcoin and the broader crypto market is starting to break free
from its short-term paralysis around $40,000.
Open interest is up 28% over the last two weeks and
is now just 2% below the strong level seen at the end of 2021.
This is a major reversal from the 58% drop ($7.0 billion-$3.0 billion peak) that occurred
following bitcoin hitting an all-time high just shy of $70,000 in November.
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