Bitcoin futures open interest at the Chicago Mercantile Exchange (CME) has surged to near all-time highs at 21%, which indicates growing institutional participation in BTC futures.According to a recent report by Arcane Research, institutional participation in BTC futures has been increasing since the start of the year amid a rise in crypto prices.
Furthermore, Bitcoin futures contracts have started trading at a premium to the spot market, the first time this has happened since the fall of FTX."The strong start to the year has been backed by growing institutional participation in BTC futures," Arcane said, adding that CME’s share of the total open interest in BTC futures currently sits at 21%.
CME’s market dominance has been higher than this level only in October and December 2021. The rise in open interest in BTC futures on the CME exchange comes as cryptocurrencies have started the year with a strong rally.
Bitcoin surged to over $23,000 over the weekend, a level not seen in more than four months. The flagship cryptocurrency is up by more than 35% YTD.Read more on cryptonews.com