CME Overtakes Binance In Bitcoin Futures: A New Era For Institutional Crypto Investments?
The Chicago Mercantile Exchange (CME) has recently become the largest Bitcoin futures exchange by open interest, surpassing Binance.
Data from Coinglass shows that CME’s open positions in Bitcoin futures have reached approximately $4.04 billion, accounting for 24.22% of the entire market.
Open interest refers to the total number of outstanding derivative contracts that have not yet been settled. This metric indicates the market’s liquidity and trading activity.
The rise of CME to the top position signifies a growing preference among institutional investors for regulated derivatives products.
Institutional Appetite For BTC And Implications For SEC Spot ETF Approvals
Binance, which was once the leader in Bitcoin futures open interest, now trails behind CME with $3.90 billion in open interest, comprising 23.37% of the total market.
This change highlights the increasing favor of institutional investors towards Bitcoin as an investment vehicle.
MicroStrategy, an enterprise software company known for its significant Bitcoin holdings, recently acquired an additional 155 BTC for $5.3 million, resulting in substantial paper profits.
The overtaking of Binance by CME in Bitcoin futures open interest has raised questions among regulatory observers about market depth and potential manipulation.
This shift in market leadership from a crypto exchange like Binance to a traditional and regulated derivatives marketplace like CME could influence the SEC’s stance on approving spot Bitcoin ETFs.
Bitcoin Latest Price Action
While CME is leading in Bitcoin’s open interest, the crypto asset has reclaimed its $37,000 zone after a slight retracement.
Currently, BTC trades at $37,350, up by 2.1% in the past 24 hours and nearly 10% over the past 7 days.
