The Chicago Mercantile Exchange (CME), one of the world’s largest derivatives markets, has climbed the list of bitcoin futures and perpetual futures exchanges by open interest.
CME recorded $3.54 billion in notional open interest (OI), making it the second-largest bitcoin futures exchange. Notional open interest refers to the dollar value locked in open contracts.
Binance still tops the list with a notional open interest of $3.83 billion, but is only 8% higher than CME, which has reached a new all-time high share of the Bitcoin futures market at 25%.
Some observers believe that CME’s increased market share indicates that institutional investors are leading the recent Bitcoin rally.
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