CME Emerges as Largest Bitcoin Futures Exchange
The Chicago Mercantile Exchange (CME) has taken the top spot as the largest Bitcoin futures exchange by open interest, surpassing Binance. Data from Coinglass shows that CME’s open positions have reached approximately $4.04 billion across 108,900 Bitcoin contracts, making up 24.22% of the entire Bitcoin futures market. Open interest refers to outstanding derivative contracts, such as futures, that have not been settled, indicating market liquidity and trading activity.
Institutional Appetite For BTC And Its Impact
Binance now trails CME with $3.90 billion in open interest, representing 23.37% of the total market. This shift underscores a growing preference among institutional investors for regulated derivatives products. MicroStrategy’s significant Bitcoin holdings and recent additional investment reflect the asset’s appeal to corporate investors.
In October, @MicroStrategy acquired an additional 155 BTC for $5.3 million and now holds 158,400 BTC. Please join us at 5pm ET as we discuss our Q3 2023 financial results and answer questions about the outlook for #BusinessIntelligence and #Bitcoin. $MSTR – Michael Saylorsignal a maturing BTC market.
Bitcoin Latest Price Action
CME’s rise to the top of Bitcoin futures comes as the crypto asset reclaimed its $37,000 zone after a slight retracement below that price mark earlier. The asset has seen a nearly 10% increase over the past 7 days.
Featured image from Unsplash, Chart from TradingView
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