CME rises to second-largest Bitcoin futures exchange by open interest, challenging Binance for the top spot, according to Coinglass data. Read more on CT.
- CME ascends to the second-largest position in Bitcoin futures, with a notional open interest of $3.54 billion.
- Binance retains the top spot, but CME's market share in Bitcoin futures reaches an all-time high of 25%.
- André Dragosch of Deutsche Digital Assets suggests CME's rise may not indicate an overall market expansion but a redistribution of existing open interest.
The Chicago Mercantile Exchange (CME) has ascended to the second-largest position in the Bitcoin futures market, with a notional open interest of $3.54 billion, according to data from Coinglass. This marks a significant climb from its fourth-place standing just weeks prior. The term "notional open interest" refers to the U.S. dollar value of active or open contracts in the market.
Binance, an offshore unregulated exchange, retains the top spot with an open interest of $3.83 billion, which is 8% higher than that of CME. The latter recently saw its open interest in cash-settled futures contracts surpass 100,000 BTC for the first time. CME's market share in Bitcoin futures also reached an all-time high of 25%.
André Dragosch, the head of research at Deutsche Digital Assets, provided an alternative viewpoint on the ascent of CME in the Bitcoin futures market. According to Dragosch, while CME's share in Bitcoin futures open interest may have risen compared to other exchanges, the "aggregate amount of BTC futures & perps OI" has remained stable when measured in Bitcoin terms. Dragosch made this statement to clarify that long futures positions were not the primary driver behind the recent surge in Bitcoin prices.
Read full article at CryptoTale.