The value of open interest for Chicago Mercantile Exchange (CME) Bitcoin (BTC) futures is on the upswing, suggesting institutional interest in the top crypto asset.

Data from cryptocurrency derivative data analytics platform CoinGlass indicates the value of open interest (OI) for CME Bitcoin futures has reached $4.07 billion, surpassing Binance’s Bitcoin futures OI and taking the top spot in exchange rankings for that metric.

OI represents the total number of outstanding Bitcoin futures contracts.

Crypto analytics firm Glassnode also notes that the CME Group’s Bitcoin futures open interest has reached a 27.8% relative dominance level over the sector, an all-time high.

Explains the firm,

“This suggests a growing presence of institutional investors within the [Bitcoin] derivative space.”

Source: CoinGlass/X

The CME Group also offers Bitcoin options, micro Bitcoin futures, Ethereum (ETH) futures and options, and micro ETH futures and options.

Binance clocks $3.86 billion in total Bitcoin futures open interest at time of writing, according to CoinGlass. The United Arab Emirates-based crypto exchange Bybit ranks third, with $2.69 billion in OI, and Seychelles-based exchange OKX is fourth with $1.81 billion.

Bitcoin is trading at $37,369 at time of writing.

Generated Image: Midjourney

The post CME Tops Binance in Terms of Bitcoin Futures Open Interest, Suggesting Institutional Appetite for BTC appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ November 11, 2023 8:22 pm