The open interest in Bitcoin futures on CME has surged to almost 800 million. Institutions are awake as the price of Bitcoin is posting bull signs. Institutional Bitcoin investors seem to be observing the “watch and play” approach on the cryptocurrency. Institutions probably demonstrate a strong interest in Bitcoin, with uptrends in the price. This … Read more
- The open interest in Bitcoin futures on CME has surged to almost 800 million.
- Institutions are awake as the price of Bitcoin is posting bull signs.
Institutional Bitcoin investors seem to be observing the “watch and play” approach on the cryptocurrency. Institutions probably demonstrate a strong interest in Bitcoin, with uptrends in the price. This is evident as a popular institutional derivatives trading platform, Chicago Mercantile Exchange (CME), currently ranks as the second-largest platform with open interest (OI) in Bitcoin Futures.
Institutional take over of crypto going as planned.
Remember when it was crypto vs institutions.
Those sure were the days. https://t.co/2IEuCstGmn
— Nick Cote (@mBTCPiz) October 23, 2020
CME’s OI in Bitcoin Futures Surged to Almost $800 Million
Nick Cote, a Bitcoin trader, shared data from Skew on Friday, indicating that the institutional platform has surpassed retail platforms such as Binance exchange, BitMEX, Bybit, etc., in terms of OI in Bitcoin Futures. This is an “institutional takeover,” according to the Bitcoin trader, as CME is only the second to OKEx, the leading Malta-based digital currency derivatives exchange.
Overall, the open interest in Bitcoin futures across all the derivatives platforms currently summed to $5.17 billion on Bybt, a Bitcoin derivative data provider. The lion share of the market is dominated by OKE, with the OI nearing a $1 billion valuation. The exchange precisely holds $936.3 million of the total open interest in Bitcoin futures, which accounts for 18.12 percent of the market.
The closest platform, CME, holds about 15.2 percent of the total market. The institutional platform sees $787.55 million, according to Bybt. The leading cryptocurrency exchange, Binance, records about $724.06 million, accounting for about 14 percent of the open interest in Bitcoin futures. Meanwhile, Bakkt, another institutional platform, sees a lower of at least $10 million.
During the bear times in September, the open interest in BTC futures also dropped across these platforms, including the CME. As Cryptopolitan reported on September 2, the entire futures OI dropped by almost six percent. Huobi noted a 10.5 percent drop to $679.02 million. Also, CME had a 13.06 percent drop to $596.62 million.