BTC Futures Were up 133.74% for the First Quarter of 2021
Bitcoin has risen significantly in 2021. Because of this, open positions on BTC futures increased in the first quarter, and Bitcoin overtook gold
According to Finbold, the number of open positions on BTC futures for January-March 2021 increased by 133.74%. At the beginning of January, the amount of outstanding interest was at the level of 9.66 billion, and by the end of March it rose to 22.58 billion.
In contrast to Bitcoin, the number of open positions on gold decreased by 17.54%. At the beginning of the year, this figure was $163.30 billion, and by April it was down to $95.90. The most popular exchanges are ICE, SFE, Tocom, LME.
Analysts say that the number of open positions on BTC futures is directly related to the news background. Investor activity increased after reports of Tesla's investments in BTC, news of cryptocurrency services Visa, Mastercard and PayPal.
The more large banks and financial institutions, like Goldman Sachs and Morgan Stanley, invest in cryptocurrencies, the greater the demand for leverage.
As for gold, as we have already written, the demand for gold futures fell for the first quarter of 2021. This is due to fluctuations in the value of precious metals. Here is a graph on which the price of gold is expressed in BTC.
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The article has an informational character, reflects the opinion of the author. Before you make a decision, analyze the market situation.