Bitcoin CME Futures’ Open Interest Reaches Record High of $10 bn
The Chicago Mercantile Exchange’s bitcoin (BTC) futures market is experiencing a surge, with a record 28,899 standard futures contracts open or active on the CME, indicating a notional open interest of $10.3 billion at bitcoin’s going market rate of around $71,500.
The standard contract, sized at 5 BTC, is considered a proxy for institutional activity. The combined open interest of over $10 billion is twice as large as the peak of $5.2 billion registered during the 2021 bull market and bigger than the market capitalization of several top 25 cryptocurrencies.
The bullish mood is also evident from the 15% annualized premium in futures relative to spot prices. CME’s regulated and cash-settled futures are a preferred venue for institutions and market participants seeking exposure to cryptocurrency without owning it.
(With inputs from Shikha Singh)
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