Chicago Mercantile Exchange Now the 2nd Largest Bitcoin Futures Exchange

The regulated Chicago Mercantile Exchange (CME) is climbing the ranks on the list of the largest bitcoin futures and perpetual futures exchanges by open interest. CME is one of the largest global derivatives marketplace based in Chicago.

CME has reported a notional open interest (OI) of $3.54 billion, making it the second-largest bitcoin futures exchange. Notional open interest refers to the U.S. dollar value locked in the number of active or open contracts.

Binance still holds the top spot on the list with an open interest of $3.83 billion, which is now only 8% higher than that of CME. The CME's share in the BTC futures market has reached a new all-time high of 25%.

Per some observers, the increase in CME's market share is an indication that institutions have been leading the recent bitcoin rally.