According to CoinGlass data, the nominal value of outstanding contracts, which is the dollar value locked in open or active Bitcoin (BTC) futures contracts, has risen to a 26-month high. As of writing this article, the outstanding contracts for perpetual contracts and standard futures exceed $21 billion, with the Bitcoin spot market trading at $49,570. The number of outstanding contracts this year has increased by 22%, approaching the record of $24 billion set in mid-November 2021 when the Bitcoin trading price exceeded $65,000.