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CME experiences a record open interest in BTC futures as ETF debut approaches

Updated: Aug 23, 2024
Published: Oct 18, 2021
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The ProShares Bitcoin ETF is set to list on the NYSE Arca exchange later today.

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CME records high open interest in Bitcoin futures

The ProShares Bitcoin futures ETF is set to start trading on the NYSE Arca exchange later today, and that has sparked a huge institutional interest in Bitcoin futures on the Chicago Mercantile Exchange (CME).

The latest figures indicate that the amount of money locked in the bitcoin futures contracts on the global derivatives platform CME reached record highs on Friday. The increased amount of funds locked in the Bitcoin futures comes following the SEC’s approval of the ProShares Bitcoin strategy ETF.

On Friday, the number of futures contracts traded but not liquidated with an offsetting position (also called the dollar value of open interest) on the CEM platform stood at $3.64 billion. The amount represents a more than 200% increase for October and sets an all-time high level on the platform. The previous all-time high of $3.26 billion locked in Bitcoin futures on CME was during the market rally of February.

According to Glassnode, the total number of outstanding contracts on the CME has surged by 60% to 56,410. Furthermore, the spread between the CME-based front-month futures contract and the spot price has increased from an annualized 1% to over 16% in October.

Bitcoin approaching its all-time high price again

Following the SEC’s approval of the Bitcoin futures ETF over the weekend, Bitcoin rallied past the $62k level. Although BTC is trading above $61,300 at the moment, the leading cryptocurrency is roughly 4% down from its all-time high price of $64k.

If Bitcoin maintains its current momentum, it could soon surpass its all-time high and touch the $65k level over the coming days. Some market experts are optimistic the leading cryptocurrency could touch the $100k level before the end of the year.

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