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 <p class="is-style-lead">CME’s notional open interest has surged to $3.57 billion, securing its position as the second-largest exchange in the trading of standard Bitcoin and perpetual futures.</p>
 <p>The Chicago Mercantile Exchange (CME), a regulated entity, is ascending the ranks among the largest exchanges for Bitcoin (BTC) futures and perpetual futures trading by open interest, evoking memories of the initial phases of the 2020-2021 bull market.</p>
 <p>According to Coinglass, CME has seen its notional open interest (OI) rise to $3.57 billion, elevating it to the second-largest Bitcoin futures exchange from its previous fourth-place standing just weeks ago.</p>
 <p>Notional open interest is defined as the U.S. dollar value tied to the number of active or open contracts.</p>
 <p>Binance, an offshore unregulated exchange, continues to dominate the market with a notional open interest of $3.85 billion, which is about 8% higher than that of CME.</p>
 <p>However, CME has recently achieved a milestone by surpassing 100,000 BTC in open interest for its cash-settled futures contracts for the first time. Additionally, CME’s market share in the Bitcoin futures sector has reached an all-time high of 25%.</p>
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 <p>CME offers standard Bitcoin <a rel="noopener noreferrer nofollow" title="futures" href="https://thebittimes.com/tag/futures.html">futures</a> contracts equivalent to 5 BTC and micro contracts that are one-tenth of 1 BTC. It also provides ether <a rel="noopener noreferrer nofollow" title="futures" href="https://thebittimes.com/tag/futures.html">futures</a> with a contract size of 50 ETH and micro <a rel="noopener noreferrer nofollow" title="futures" href="https://thebittimes.com/tag/futures.html">futures</a> equivalent to one-tenth of 1 ETH.</p>
 <p>Most of the open interest on offshore <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a>s is concentrated in perpetual <a rel="noopener noreferrer nofollow" title="futures" href="https://thebittimes.com/tag/futures.html">futures</a>, which are unique in that they have no expiration date and employ a funding rate mechanism to align with the current spot price.</p>
 <p>Market observers suggest that CME’s recent growth could indicate an institutional-led rally in Bitcoin. The cryptocurrency has seen a 27% increase this month, fueled by macroeconomic uncertainty and optimism over spot <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a>-traded funds (ETFs).</p>
 <p>Retail investors have also contributed to this trend. Data from Matrixport shows that the rolling five-day volume in ProShares’ leading Bitcoin futures ETF soared by an astonishing 420% to $340 million last week. This ETF primarily invests in CME Bitcoin futures.</p>
 <h2 class="wp-block-heading" id="analyst-says-cme-ascent-signals-fading-bearish-views">Analyst says CME ascent signals fading bearish views</h2>
 <p>André Dragosch, the head of research at Deutsche Digital Assets, offers a different perspective. He argues that CME’s growth is more likely due to the unwinding of bearish positions on offshore <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a>s rather than an increase in long <a rel="noopener noreferrer nofollow" title="futures" href="https://thebittimes.com/tag/futures.html">futures</a> positions.</p>
 <p>Dragosch notes that although CME’s share in Bitcoin futures open interest has risen, the overall amount of Bitcoin futures and perpetual open interest has not seen a significant uptick in Bitcoin terms.</p>
 <p>This suggests that the recent price surge may be more attributable to a short squeeze and a decrease in aggregate open interest.</p>
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   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">This take doesn't make sense.<br><br>CME's share in $BTC futures OI might have increased relative to other exchanges but the aggregate amount of BTC futures &amp; perps OI has not increased in BTC terms, implying that long futures positions were not the main driver behind the recent… https://t.co/9y6xAcmvzn pic.twitter.com/imHZNib4ls</p>— André Dragosch | Bitcoin &amp; Macro (@Andre_Dragosch) October 24, 2023
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 <p>The market is also buzzing with anticipation over the potential approval of a Bitcoin spot ETF, which has further driven up Bitcoin’s price.</p>
 <p>Earlier this month, BTC rallied toward the $35,000 mark, largely due to market speculation surrounding the spot ETF.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/cme-becomes-second-largest-bitcoin-futures-exchange-surpassing-binance-tbt68332.html">https://thebittimes.com/cme-becomes-second-largest-bitcoin-futures-exchange-surpassing-binance-tbt68332.html</a></p>

CME becomes second-largest Bitcoin futures exchange, surpassing Binance

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