“Institutionals are here”: CME bypasses OKEx as the largest bitcoin futures market
The Chicago Mercantile Exchange (CME) has become the largest platform in terms of active positions in bitcoin futures. The analytical firm Arcane Research drew attention to this..
According to the Skew platform she refers to, open interest in bitcoin futures on CME is now $ 1.16 billion, while on OKEx, the second largest exchange in this segment, $ 1.07 billion..
Institutional investors are here, say Arcane Research analysts.
The CME Bitcoin futures market has more than doubled over the past month. Traditionally, it is considered as an indicator of the participation of institutions in the cryptocurrency space..
A month ago, CME was also behind Binance, which is now third with an open interest of $ 900 million, followed by Huobi and BitMEX. The latter continues to lose ground against the background of the emergence of competitors and the persecution of its now former leadership initiated by the US authorities.
According to analysts at Wilshire Phoenix, the CME is emerging as an important element in the larger Bitcoin pricing scheme. “The importance of the CME is reflected not only in trading volume and open interest, but also in its impact on the spot price,” they wrote earlier..
The bitcoin-based CME option product, however, has not yet caught the interest of institutions. In terms of open interest, it is significantly inferior to the Deribit exchange and is listed after OKEx.
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