CME’s Bitcoin Futures Open Interest Set New Record at $7.7B as BTC Surges
Bitcoin futures trading open interest on the Chicago Mercantile Exchange (CME) surged to a record high of $7.7b on Tuesday, reflecting a 15.6% rise within the last 24 hours, CoinGlass data showed.
The surge in open interest corresponds with Bitcoin’s notable price spike. BTC hit a two-year high of about $57,036 on Tuesday — its highest level since late 2021.
Bitcoin futures open interest on CME reflects the total number of active futures contracts yet to be closed. It indicates how interested and involved investors are in trading these contracts. When open interest is high, it suggests more people are actively trading in the market.
The total value of outstanding Bitcoin futures contracts on the CME was $6.8b just a week ago, highlighting the rapid jump in this metric.
Action on the CME comes as trading volume in the spot bitcoin ETF market exceeded $50b last week, according to BitMEX Research. This follows ETF approval from the Securities and Exchange Commission for BlackRock, Fidelity, and Bitwise, among others.
These ETFs shattered an all-time daily record for trading volume on Monday, attracting about twice their typical daily average at $2.4b. Notably, BlackRock’s IBIT ETF remained the frontrunner in the market, contributing $1.3 billion to the total volume.
The surge in the CME Bitcoin Futures underscores the general sentiment in the market, fueled by institutional investors’ rapid accumulation of the coin, said Bitrue research.
“The emergence of the spot Bitcoin ETF has changed the narrative, showcasing a massive twist in the adoption of BTC beyond the retail investors that have helped sustain the price for months,” it added. “The convergence of retail and institutional traders might reboot Bitcoin’s open interest and
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