CME Group Maintains Top Position in Bitcoin Futures Open Interest
Recent data shows that CME Group remains the leader in bitcoin futures open interest, holding $5.29 billion, followed closely by Binance with $4.65 billion. A comprehensive analysis of 14 different exchanges offering derivatives reveals a combined open interest totaling $40.74 billion as of December 10, 2023.
Rising High: CME Bitcoin Futures Open Interest Surges and the Enigmatic $40K ‘CME Gap’
CME Group has continued to dominate in bitcoin futures open interest since November 2023. Back then, CME Group surpassed Binance to take the top position with an open interest of $4.06 billion compared to Binance’s $3.87 billion. As of now, both figures have significantly increased, with CME Group currently holding an open interest of $5.29 billion and Binance recording $4.65 billion.
Data from Coinglass reveals substantial open interest
According to data from Coinglass on December 10, 2023, CME Group’s open interest reached $5.29 billion, equivalent to 120.54K BTC. Binance, on the other hand, recorded an open interest of 105.74K BTC, or $4.65 billion. Other exchanges such as Bybit, Okx, Bitget, and Deribit also contributed to the total open interest of $40.74 billion across 14 exchanges.
Liquidation and position breakdown
In the past 24 hours, approximately $100.35 million was liquidated, marking a 40% decrease from the previous day. Long positions accounted for 48.67%, while short positions made up 51.33%. Despite its leading position, CME Group has a notable gap at the $40,000 mark, known as the “futures gap,” which represents a difference in BTC’s price between the closure and reopening of CME’s market.
The potential for the CME gap to close
There is speculation that the CME gap may close, indicating a potential correction for BTC. This theory suggests that BTC’s price might readjust to the level it was when the CME futures market closed. While the likelihood of the CME gap filling is a subject of debate, historical trends and analyst insights suggest a 60-80% chance of these gaps eventually closing.
Hot Take: CME Group Dominates Bitcoin Futures Market, but Potential Correction Looms
With CME Group maintaining its position as the leader in bitcoin futures open interest, the market shows a strong presence. However, the enigmatic $40K ‘CME Gap’ presents a possible correction for BTC’s price. While the likelihood of the gap closing remains uncertain, historical trends and analyst insights suggest a possibility. As cryptocurrency enthusiasts, it’s important to keep an eye on developments in the bitcoin futures market and the potential impact it may have on the overall crypto market.
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