Cryptoverse: Bitcoin derivatives traders bet billions on ETF future

Will they, won’t they? U.S. regulators are keeping crypto players on the edge of their seats as they weigh whether to give their blessing to bitcoin exchange-traded funds (ETFs). Derivatives traders are already piling in, though, betting the Securities and Exchange Commission will give the green light to several ETF hopefuls this week and electrify the market.

Open interest, the amount invested in bitcoin futures, has steadily increased since October and leapt to $19.2 billion in early December, its highest level in two years, according to information platform Coinglass. It’s now between $17 billion and $18 billion, up from the $9.5-$14.5 billion range seen for most of 2023.