Open Interest on CME Bitcoin Futures Hits All-Time High of $11.6B, Signals Further Bullishness
In October 2023, the Chicago Mercantile Exchange (CME) witnessed a significant increase in Bitcoin (BTC) holdings, adding a total of 25,115 BTC to its portfolio. This development came at a time when CME surpassed Binance to become the largest futures exchange in the world.
Interestingly, this surge in BTC holdings at CME coincided with a remarkable price rally in the Bitcoin market. During the same period, the price of Bitcoin surged from around $25,000 to over $40,000 by the end of the year.
It is worth noting that CME’s growing influence in the cryptocurrency market has not gone unnoticed, as it continues to play a significant role in shaping the price and trading volume of Bitcoin futures. Investors and traders alike are closely monitoring CME’s activities and their impact on the overall market dynamics.
