Open interest in Bitcoin futures has surpassed $50 billion for the first time in 2024. David Lawant, head of research at Anchorage Digital, interprets this milestone as an indicator of market vitality rather than excessive leverage.
Lawant points to increasing spot trading volumes and thinning order books as primary signals of a potential market upturn. These factors, combined with analysis of the $60 billion Bitcoin options market, suggest a shift in the current market regime.
The research also highlights the impact of institutional participation, specifically noting how ETFs and companies holding Bitcoin in their treasuries are actively reshaping price discovery mechanisms. These entities are becoming central to the evolving market structure.
Anchorage Digital conducted 37,000 backtests on covered call strategies to evaluate market behavior. The findings suggest that short-dated volatility remained elevated throughout 2026, providing additional context for investors monitoring market trends beyond simple price action.
