[NEWS] CME's Bitcoin Futures OI surpasses Binance to take the top spot

On the 10th, it was found that the number of open interests (OI) for futures offered by the major US commodity exchange CME (Chicago Mercantile Exchange) in the cryptocurrency (virtual currency) Bitcoin (BTC) futures trading has increased sharply, exceeding 100,000. For the first time, it has exceeded the number of open interests in Binance's Bitcoin futures.

CME's OI is 109,000 BTC, which is more than $4 billion (approximately 607 billion yen). The second-place major cryptocurrency exchange Binance has OI of 102,000 BTC, which is equivalent to approximately $3.7 billion (approximately 561.5 billion yen).

According to data from Coinglass, as of the 13th, CME's BTC futures OI was 111,000 BTC, widening the gap with Binance, which is in second place with 10.6 BTC.

According to multiple analysts, the fact that CME's BTC futures OI has exceeded 100,000 is an important milestone and reflects positive sentiment in the cryptocurrency market. In particular, this trend indicates growing interest in Bitcoin futures, suggesting that market sentiment may be shifting in a positive direction or that investors may be becoming more cautious and seeking more protective strategies.

The surge in OI can be attributed to several important macroeconomic factors. For example, one important factor is the increasing likelihood that the SEC (U.S. Securities and Exchange Commission) will approve a Bitcoin spot ETF.

The approval of a Bitcoin spot ETF could potentially bring billions of dollars of new investors into the Bitcoin market. This could push up the price of Bitcoin, potentially even surpassing the all-time high it reached in November 2021.

Market analysts say the first rate cut could be implemented as early as March 2024. If this happens, it could lead to a significant rise in risk-on assets such as stocks and cryptocurrencies. Meanwhile, this period also overlaps with Bitcoin's halving. This could trigger a further surge in Bitcoin prices.

Moreover, the Federal Reserve's recent shift to a dovish stance on interest rate hike plans has begun to generate optimism among market participants. These circumstances are also contributing to the continued bullish sentiment in the cryptocurrency market. These are also potential factors for the rise in Bitcoin prices.

Application for Ethereum Spot ETF also has a positive impact on the market

Currently, the approval of the Bitcoin spot ETF applied for by BlackRock, a major asset management company, is expected, and it has been revealed that the company has recently begun preparations for an Ethereum (ETH) spot ETF application.

This caused the price of Ethereum to soar, exceeding $2,000 (approximately 303,500 yen). Bitcoin also rose in tandem with this, approaching $38,000 (approximately 5.76 million yen) at one point. As of the time of writing, it is fluctuating at around $37,000 (approximately 5.6 million yen).

Reference:Coinglass
Image: Shutterstock

Related articles

BlackRock files for Ethereum spot ETF, driving price increase

SEC begins talks with Grayscale about converting Bitcoin spot ETF