"US CPI Announcement Leads to Surge in Binance Open Interest"

It was observed that open interest surged on the global cryptocurrency exchange Binance following the announcement of the US Consumer Price Index (CPI).

CryptoQuant author Burakkesmeci stated on the 16th, "The first US inflation indicator of the year was released on the 15th," and "Binance's open interest surged by 3.3% to reach $10.96 billion just two hours after the inflation indicator announcement." He noted, "This is an increase of about $500 million," and "It indicates that investors' confidence in the (cryptocurrency) market is growing."

He also suggested the possibility of further price increases for cryptocurrencies like Bitcoin (BTC). He said, "The surge in Binance's open interest clearly shows the market's positive reaction to the US inflation indicator," and "The total open interest reaching $10.96 billion indicates that a bullish sentiment is forming across both the spot and futures markets." He added, "The simultaneous movement of the spot and futures markets signals an increasing risk appetite in the market," and "There is a possibility that the upward trend will continue."