CME futures open interests nears an all-time high of 165k BTC. This signals a mature and stable market.
- Bitcoin Futures Open interest is approaching all-time peaks, with a current value of approximately 478k BTC (approximately $31.8 billion).
- Open Interest in cash-margined Futures has reached a record high of 384k BTC (approximately $25.5 billion), primarily due to institutional activity at the CME.
- Crypto-margin, as a percent of total open interest, is nearing a historic low. It is currently around 18,5%.
CashFutures contracts with margined Bitcoin (BTC) are more popular than before.
Open On September 25, 2018, interest in cash-margined derivatives hit a new high of 384,000 BTC. MondayExceeding the November According to data, the peak in 2022 will be 376,000 BTC. This is when bitcoin was trading at around $16,000. Glassnode.
The CME futures accounted 40% of the cash-margined total on Monday. Glassnode’s The charts for cash and crypto margins include standard futures (excluding perpetuals). Binance, Bitfinex, BitMEX, Bybit, CME, Deribit, Huobi, Kraken OKX.
CashThe open interest for -margined products has steadily increased over the last two year, while the open interest for crypto-margined products has steadily declined, from 210,000 BTC at the beginning of 2014 to just 87,000 BTC today, which is only 18.2% the total open interests of 478,000 BTC.
Glassnode defines crypto-margin as “the total amount of futures contracts open interest that is margined in the native coin (e.g., BTC) and not in USD or stablecoin.” The firm defines cash-margin as “the total amount of futures contracts open interest that is margined in USD or USD-pegged stablecoins. Stablecoins include USDT and BUSD.”
Open Interest (OI) is the number of active futures contracts that are open or active at any given time. An Open interest increases are said to be a sign of money flowing in and a preference for leveraged financial products. Open Interest can be calculated in native tokens and notional terms. The The latter can be misleading as it is influenced by underlying asset price.
CashMargined contracts cause less volatility
In Cash-margined futures contracts use stablecoins or dollars as collateral, which is more stable than the tokens used in the crypto-collaterized contracts.
As Cash-margined contracts, on the other hand, are less vulnerable to forced liquidations. They also tend to be less volatile. UltimatelyThis could provide a more durable bull run going into 2025.
The CME’s dominance in the cash-margined segment indicates increased institutional activity in derivatives markets. Sophisticated Investors can use CME futures as a hedge for their directional trades or to set up a market-neutral basis.
In October CME became the world’s largest futures market for the first time in 2023. They captured over 30% and overtook the previous leader. Binance. This The increase in the price of spot ETFs was likely due to traders pricing in the anticipated debut of U.S.-based ETFs that went live January.
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