Open interest for bitcoin futures on centralized exchanges has reached a fresh high, indicating increased trading activity around the largest cryptocurrency by market capitalization. 

According to CoinGlass, the aggregated open interest for bitcoin futures reached a record level of $38 billion on Friday.

Since the start of 2024, daily open interest in bitcoin futures has increased by more than 100% from Jan 1, when it was approximately $17.2 billion. This rise coincides with bitcoin’s price surge to $70,000 — a 66% increase year-to-date.

Open interest, a measure of the total value of all outstanding or "unsettled" bitcoin futures contracts across exchanges, indicates increased market activity and trader sentiment around a particular asset.

The current open interest figure aligns …