Bitcoin Futures Open Interest In CME Rose To Record Highs: Here Comes The Big Boys
Open interest in Bitcoin futures on the CME (a derivatives exchange approved by the Commodity Futures Trading Commission) surged to an all-time high of 118,540 BTC, worth over $4.42 billion on November 27. This increase is seen as a reflection of increased institutional interest, as CME's crypto activity is sanctioned by a US agency. Despite a slight drop in open interest to 112,050 BTC ($4.22 billion) the next day, CME remains the leading Bitcoin futures exchange. An uptrend in Bitcoin prices is still apparent, with a potential rise above $40k and possibly reaching $45k by the end of the year. This development aligns with increased institutional interest and the possibility of approval for in-the-spot Bitcoin ETFs by the SEC in the coming weeks. This is also supported by BlackRock and Fidelity's bid for a spot Bitcoin ETF with the SEC.
