CME Nears the Top with $3.54 Billion In OI
The Chicago Mercantile Exchange (CME) has seen a significant increase in its notional open interest (OI), reaching $3.54 billion. This places CME as the second-highest exchange offering both standard Bitcoin and perpetual futures, right behind Binance.
Reason Behind CME’s Surge
There are mixed opinions on the reason behind CME’s rise. Some believe that it is due to increased institutional buying, while others suggest that it is linked to the unwinding of bearish bets on offshore exchanges.
It’s worth noting that small investors have also played a role in this surge, as evidenced by the growth of futures-based ETFs. For example, the ProShares ETF has experienced a 420% increase in value, reaching $340 million in just five days.
How CME Outpacing Binance
Binance has seen a decrease in value by 26,735 BTC, while CME’s value has increased by 4,380 BTC. This puts CME at 25% of the market share, its highest ever. The price of Bitcoin for one month in the future has also risen by 13%, indicating a growing demand for Bitcoin futures.
Hot Take: CME Climbs the Ranks in Bitcoin Futures Market
CME’s surge in notional open interest positions it as a strong contender among Bitcoin futures exchanges. With increased institutional buying and potential unwinding of bearish bets on offshore exchanges, CME is making significant strides in securing its position in the market. While Binance remains at the top spot for now, CME’s recent growth suggests that it may soon overtake its competitor and become the leading Bitcoin futures exchange.
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