Bitcoin (BTC) futures are fast condign the darling of institutional investors equally open involvement spikes 60% since the start of 2022.

Data from monitoring resource Skew Markets shows that open up interest beyond major futures offerings from exchanges now stands at more than $4 billion.

BitMEX, OKEx futures open up interest passes $1B

Over half of that stems from two companies — derivatives giant BitMEX and crypto exchange OKEx — both of which at present accept open interest in excess of $1 billion.

Bitcoin futures open interest (exchanges only)

Bitcoin futures open interest (exchanges merely). Source: Skew Markets

On Mon, young man platform Deribit confirmed month-on-calendar month Bitcoin futures options turnover was surging lxx%.

The latest data caps an extraordinary month for Bitcoin futures, which have accompanied toll gains of almost 35% this twelvemonth.

As Cointelegraph reported, the global volume has also expanded in recent weeks to claiming previous records. On a single day terminal calendar month, futures markets exchanged more $25 billion.

Melker: BTC move likely "significant and presently"

Now, anticipation is building for a knock-on issue to heave BTC/USD even higher as markets look probable to exam $10,000.

"With Bitmex Open Involvement striking a billion, volatility is nearly assuredly coming," Cointelegraph Markets analyst Scott Melker summarized in a tweet on Sunday.

"We aren't staying at 9400 for long. The next move should be pregnant and come relatively soon."

Bulls double down on cost gains

Melker is far from alone in eyeing a bullish short-term trajectory for Bitcoin. The bear upon of May's block reward halving — now less than 100 days abroad — is already a hot topic among commentators.

Thereafter, calculations point to a balderdash run which should take BTC/USD to $100,000 by 2022.

Speaking to Cointelegraph late last calendar week, two well-known crypto YouTubers threw their weight behind the forecast, arguing the bull cycle which would take Bitcoin in that location had in fact already arrived.