CME bitcoin futures interest reaches a record high, driven primarily by active and direct participants. Research.
- Bitcoin CME futures open interests have reached a new record of 172.430 BTC (11.6 billion dollars).
- Over CME bitcoin futures saw a 25125 BTC increase in the last five trading days. This is one of the largest recorded changes since recent times.
Bitcoin Open Interest (OI), or the open interest in futures (BTC), is a measure of how much interest a trader has expressed on upcoming BTC contracts. Chicago Mercantile Exchange (CME) reached a new record of 172,430 BTC (11.6 billion dollars).
On TuesdayCoinDesk reports that open interest in cash-margin has reached a record high. CME accounts for 40% of this total. Open Interest is the number of active or open futures contracts at a given time.
In CME’s open interest has increased by 25,125 BTC in the last five trading days. This This is the highest level recorded in recent times over a period of five days.
The The last time we saw a similar build-up was June 2023 (26 525 BTC) coincides with the BlackRock filing of the spot bitcoin ETF iShares Bitcoin Trust (IBIT). During Bitcoins surged from approximately $25,000 up to $30,000.
Then, October CME will add 25,115 BTC by 2023. This coincides with CME becoming a major futures exchange, surpassing the NASDAQ for the first. Binance. Once During this period, the following dates are to be noted: October The value of bitcoin at year-end rose from about $25,000 to over $40,000
Vetle LundeSenior analyst at K33 Research, pointed out this milestone as well and investigated which cohort is driving growth.
Lunde Note that the growth of the CME is not driven by futures-based ETFs like ProShares, but rather by active and direct market participants. Bitcoin ETF (BITO).
“The growth is clearly driven by active/direct market participants – not inflows to futures-based ETFs”.
The Chart below by Lunde, shows the breakdown of open interest for each cohort on CME. Active Direct participants hold 85,623 BTC, a similar amount as in March When bitcoin reached its all-time high.
HoweverThe 1x leveraged ETF’s holdings have steadily declined over the course of the year, and now stand at just 31,752 BTC. WhileThe 2x leveraged ETF saw a significant rise in March Since then, the growth has been very slight. This In the early part the year, speculation and leverage were the main drivers of the market. However, they are no longer the primary factors in the current market.
Lunde Note that the activity has been structured around the November Expiry following the U.S. elections
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