Bitcoin Open Interest on the Chicago Mercantile Exchange (CME) has hit a record high, exceeding $337 million due to increased institutional investment. Recent data by Skew Analytics revealed that CME is now the second-highest exchange platform for total open interest in Bitcoin futures, overtaking Binance.
The recent rise in Bitcoin’s price has encouraged more institutional interest in the digital asset, pushing its average open interest to $2.5 billion. The new figure for average open interest is 2020’s highest mark.
In the past five days, Bitcoin has surged 15% to over $13,000, its highest price since March 2019. Currently trading at $12,814.31, Bitcoin is down nearly 2% over its previous close of $12,965.89.
According to data collected by The Block, aggregate open interest is valued at $2.48 billion. The aggregate value is led by crypto exchange Deribit, which holds a significant share of open interest at $1.82 billion.
Bitcoin trader Nick Cole commented on CME ‘s recent achievement in a tweet. He said:
“Institutional take over of crypto going as planned. Remember when it was crypto vs institutions. Those sure were the days.”
Also, CME has nearly $800,000 worth of aggregate open interest in major exchanges. Ahead of CME on the list is OKEx, which is almost $1 billion.
Currently, Bitcoin remains the dominant digital asset in the cryptocurrency market. The giant digital coin boasts of a market capitalization of about $237 billion.
Image Credits: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
