Coinbase's imminent IPO has increased the users' interest in BTC futures.
In particular, the open interest in the futures of the reference crypto has just hit a new high after surpassing $27B driven by Coinbase's listing on the NASDAQ.
The crypto exchange is scheduled to go public today with an estimated price per share of $250. However, it could end up being higher if we take into account the share price of the last 5 companies that went public on the NASDAQ ended up being 37% higher than the initial listing price.
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According to data provided by crypto market data aggregator Glassode, Bitcoin's open interest has exceeded $27B after the crypto's price surpassed $64,000.
However, in spite of the increase in open interest, BTC futures volumes have declined over the past month, falling from $117B on March 15 to $50-75B during April.
Notably, most of the trading is taking place on Binance, where the $5.2B in positions account for nearly 20% of all outstanding positions held on the exchange.