According to Vetle Lunde, a researcher at K33 Research, an investment institution, CME Group’s Bitcoin futures OI (Open Interest) exceeded 100,000 BTC (Bitcoin) for the first time in history.
CME Bitcoin futures market sees surge in interest
Vetle Lunde observes that while perpetual contract open interest in the offshore market decreased by 26,735 BTC, CME Group’s open interest increased by 4,380 BTC.
According to statistics, CME Group’s Bitcoin futures market share has climbed to an all-time high of 25%, close to Binance’s 29% market share.
The significance of CME Group’s increase in market share
Vetle Lunde said that CME Group has an 80% market share in the traditional futures market and he believes that the offshore market has completely moved to the perpetual contract market.
As open interest on CME Group grows, BTC’s 1-month annualized futures premium has climbed to 13%, well above ETH.
Even on CME, traders appear to be hedging BTC positions via ETH, and it will be interesting to see what happens with expirations this week.
This article CME Group Bitcoin futures is approaching Binance! What does it mean for open interest to hit a new all-time high? First appeared in Chain News ABMedia.
