Open interest for bitcoin futures has surpassed $5 billion, signaling that money is flowing into the market. 

According to data compiled by The Block, aggregated open interest on bitcoin futures contracts surpassed $5 billion on Feb. 13. Open interest is a representation of the value of outstanding futures contracts that have yet to be settled and an indicator that traders are anticipating a short-term change in market volatility. 

Cryptocurrency futures platform BitMEX is responsible for 31% of the total aggregated sum, with $1.6 million in outstanding interest. Malta-based exchange OKEx commands an additional $1.4 billion interest on contracts, while Huobi is in third at $1 billion. 

Regulated crypto exchange and bitcoin futures operator CME holds $312 million in interest while the Intercontinental Exchanges Bakkt has only generated $18 million. 

Despite being the fifth most popular venue for trading bitcoin futures, CME registered an all-time high last week in total reportable traders (traders with +25BTC) and has witnessed a decline in the concentration of open interest among the top 4 largest long traders. 

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