Bitcoin futures and options suggest that a major BTC price move is looming

The term "Open interest" refers to the total sum of contracts that are actively open in the futures market.

If the open interest is high, it means there is a high number of traders betting on Bitcoin price action.

Currently, as of Nov. 13, Bitazu Capital founding partner Mohit Sorout pointed out that the open interest of Bitcoin futures is at an all-time high.

BTC futures and perpetuals aggregated Open Interest has made a new all time high today Liquidation fest hasn't even startedHigher open interest may trigger major volatility.

When a major price movement occurs and the open interest of the futures market is high, Bitcoin tends to see massive volatility spikes.

Across major futures exchanges, the average funding rate of Bitcoin is 0.01%. This means that the market is relatively balanced, and neither buyers nor sellers are overwhelming the market.

Deribit, the top cryptocurrency options exchange, shared Skew's chart showing total Bitcoin options open interest also reached a record high in the past few days.

The timing of the options market's open interest soaring is noteworthy because theoretically, options open interest should peak toward the end of the month.

The monthly BTC options contracts expire on the fourth Friday of each month, and as such, open interest tends to spike in the last week of every month.

As long as BTC remains above $15,500, the large options expiry won't likely have a major impact on the price.