100k BTC is a key psychological level for BitMEX Bitcoin futures contracts

The number of open BitMEX Bitcoin futures contracts tends to peak at around $1 billion, or 100,000 BTC. Having open interest heavily dependant on key psychological levels shows that the crypto derivatives market has matured.

This is especially true when it comes to BitMEX's Bitcoin perpetual futures contracts.

The high-risk, high-leverage contracts offered by BitMEX tower over those of much more established Chicago Mercantile Exchange.

BitMEX sees a much higher market activity than its competitors, as the platform has recently seen a high increase in open interest.

Open interest, or the total number of unsettled options or futures contracts, is a measure of the flow of money into the derivatives market and often indicates market maturity.

The overwhelming sentiment of the maturing market seems to be bullish, as over 80 percent of XBTUSD positions are long on Bitcoin.

Open interest peaks show BTC is headed to a period of volatility.

Crypto analytics firm Skew Research found that open interest for BitMEX's Bitcoin futures has a tendency to peak at a certain level.

According to BitMEX Resources, when open interest on the platform reaches unusually high numbers over 100,000 BTC a period of increased volatility in BTC's price is expected.

As rising open interest means there's an increase in the money and interest coming into a market, it's generally seen as a sign that the current market trend is gaining momentum.