Bitcoin

<h2 id="quick-take">Quick Take</h2> 
<p>This November, the aggregated monthly trading volumes of CME Bitcoin futures have spiked to an impressive $70 billion. This considerable surge, denoting a heightened investor interest, parallels the top of the bull market for Bitcoin observed in Nov. 2021 when the trading volume touched&nbsp; $80 billion.</p> 
<figure id="attachment_377672" aria-describedby="caption-attachment-377672" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-377672 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/11/cme-2.png" alt="Volume and OI of CME Bitcoin Futures: (Source: The Block)" width="546" height="373" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/cme-2.png 546w, https://cryptoslate.com/wp-content/uploads/2023/11/cme-2-300x205.png 300w" sizes="(max-width: 546px) 100vw, 546px">
 <figcaption id="caption-attachment-377672" class="wp-caption-text">
  Volume and OI of CME Bitcoin Futures: (Source: The Block)
 </figcaption>
</figure> 
<p>As per the analysis, CME currently commands roughly 31% of the futures market with 116,000 BTC in open interest contracts—an increase of 7% within the past 24 hours. This notable growth in open interest is occurring concurrently with a decline in Binance’s market share. The dominant cryptocurrency exchange has seen its market share plummet to an all-time low since Dec. 2021, nearing 25%.</p> 
<figure id="attachment_377673" aria-describedby="caption-attachment-377673" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-377673 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/11/cme-3.png" alt="CME vs Binance Open Interest: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/cme-3.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/11/cme-3-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/11/cme-3-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/11/cme-3-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/11/cme-3-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-377673" class="wp-caption-text">
  CME vs Binance Open Interest: (Source: Glassnode)
 </figcaption>
</figure> 
<p>Curiously, a <a href="https://cryptoslate.com/insights/bitcoin-futures-vs-spot-price-monitoring-cme-for-market-insights/">significant premium</a> to Bitcoin futures CME price over the spot has been observed, signaling potential market anticipations of an upward trajectory.</p> 
<p>The post <a href="https://cryptoslate.com/insights/cme-bitcoin-futures-volume-spikes-to-70-billion-amid-shifting-market-dynamics/">CME Bitcoin futures volume spikes to $70B amid shifting market dynamics</a> appeared first on <a href="https://cryptoslate.com">CryptoSlate</a>.</p>

CME Bitcoin futures volume spikes to $70B amid shifting market dynamics

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