The biggest and most established global hub for everything crypto, blockchain and Web3.The notional open interest in CME’s bitcoin futures has risen past the $10 billion market for the first time.
CME's futures market is now bigger than the market cap of litecoin, bitcoin cash and other top 25 cryptocurrencies.On Friday, a record 28,899were open or active on the CME. That amounts to a notional open interest of $10.3 billion at bitcoin’s going market rate of around $71,500. The standard contract, sized at 5 BTC, is widely considered a proxy for institutional activity., sized at one-tenth of 1 BTC, stood at 38,283, which equates to $273 million in notional terms.
The combined open interest of over $10 billion is twice as large as the peak of $5.2 billion registered during the 2021 bull market and bigger than theBitcoin: open interest in CME's standard futures contracts. An uptick in open interest alongside a price rise is said to confirm the uptrend. Bitcoin has rallied 70% this year and the bullish mood is also evident from the 15% annualized premium in futures relative to spot prices.
CME's regulated and cash-settled futures have long been a preferred venue for institutions and other market participants looking to gain exposure to cryptocurrency without owning it. Besides, authorized participants tied to U.S.-listed spot exchange-traded funds The CFTC-regulated exchange steadily climbed ranks last year to become the world's largest futures exchange in a pattern reminiscent of the 2020-21 bull run.
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