Open interest in Bitcoin futures rose by 16% on Monday as the value of digital currencies continued to increase.
The price of BTC reached almost $27,400 the night before, but dropped to about $26,700 on Tuesday, September 19.
Traders began taking profits, which was to be expected as experts predicted that investors would be hesitant to make significant purchases in the stock market leading up to the Federal Reserve’s meeting in September.
Additionally, the pressure on technology stocks may also affect digital currencies. In the span of a week, Bitcoin capitalization increased by 6% to reach $521.753 billion.
The evening surge of BTC sparked a heightened interest in futures, resulting in an increase of almost $1.8 billion.
On Monday afternoon, the total amount of open contracts for Bitcoin was just over $11 billion, but by the evening, it had risen to $12.81 billion.
Within just a few hours, open interest in BTC futures jumped by 16%, equivalent to $1.77 billion, according to data from the Coinglass platform.