- Bitcoin futures offered by CME have increased from $3.63B to $5.20B in the last 30 days.
- On Tuesday, December 12, CME will release their most recent report.
The Chicago Mercantile Exchange (CME), a world leader in derivatives, has seen open interest in Bitcoin futures approach $5.2 billion, just $200 million short of the record high set in late October 2021.
According to statistics compiled by Coinglass, the open interest in Bitcoin futures offered by CME has increased from $3.63 billion to $5.20 billion in the last 30 days. With Bitcoin’s present surge, the open interest rise has occurred in tandem with the cryptocurrency’s rapid growth.
Between October 1 and October 21, 2021, open interest in Bitcoin futures on CME increased from $1.46 billion to $5.45 billion. Coinciding with the sharp increase in open interest, Bitcoin’s price jumped dramatically, going from $45,000 to $66,000 back then.
Multiple Factors
Although the open interest increase demonstrates a resurgence in Bitcoin’s popularity, observers note that it does not provide light on the stance of CME traders. According to analysts, CME’s report to the U.S CFTC on November 28 revealed that the “big players” on its platform were net short with 20,724 short orders vs 18,979 longs.
On Tuesday, December 12, CME will release their most recent report; nevertheless, investors will not have access to specific information on the positions of CME’s participants.
The huge price increase in Bitcoin is due to a number of factors, not the least of which is anticipation that a number of spot ETF products may be approved by the SEC. Early January is the target date for a decision about the ETFs.
When CME overtook Binance as the leading exchange for Bitcoin futures open interest in November, many saw it as a sign that mainstream financial institutions were starting to show more interest in crypto goods.
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