The open interest for Litecoin futures derivative contracts has increased by 22% year-to-date, surpassing $420 million globally. This growth is the highest observed since the beginning of 2022, and it may be influenced by several factors, including the upcoming halving event for Litecoin.

During this event, the rate of new coin issuance on the network will be halved, which could drive up the perceived value of Litecoin due to increased scarcity. Additionally, Litecoin has seen modest gains this month and a large surge in its hash rate over the past year, indicating a heightened level of interest from proof-of-work miners.