The post Bitcoin Futures Market Heats Up: CME Nears the Top With $3.54B! appeared first on Coinpedia Fintech News The Chicago Mercantile Exchange (CME) has been making remarkable progress in the world of Bitcoin futures and perpetual futures. This recent surge in its notional ope...
The Chicago Mercantile Exchange (CME) has been making remarkable progress in the world of Bitcoin futures and perpetual futures. This recent surge in its notional open interest (OI) has placed it firmly as the second-highest among exchanges offering both standard Bitcoin and perpetual futures.
In this article, we’ll explore CME’s ascent and the factors contributing to its growth, similar to the early stages of the 2020-21 bull market.
CME Nears the Top
What’s Causing CME’s Surge?
Smaller investors have also played a pivotal role in this surge, as evidenced by the increased activity in futures-based ETFs. Notably, the ProShares ETF, a leading Bitcoin futures-based ETF, witnessed an astounding 420% surge in its value, reaching $340 million in just the last five days. Notably, this ETF predominantly relies on CME Bitcoin futures.
However, André Dragosch, the head of research at Deutsche Digital Assets, offers an alternative viewpoint. According to Dragosch, CME’s growth is linked to the unwinding of bearish bets on offshore exchanges, implying that CME’s success isn’t solely due to increased demand for Bitcoin futures.
CME’s Milestone
At the same time, the price of Bitcoin for one month in the future has gone up by 13%, which is more than Ethereum. This shows that more people want Bitcoin futures, especially the big investors.