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CME Bitcoin futures volume spikes to $70B amid shifting market dynamics CME Bitcoin futures volume spikes to $70B amid shifting market dynamics

CME Bitcoin futures volume spikes to $70B amid shifting market dynamics

Data via Glassnode

Investor interest in Bitcoin futures soars as CME captures a third of the market.

Quick Take

This November, the aggregated monthly trading volumes of CME Bitcoin futures have spiked to an impressive $70 billion. This considerable surge, denoting a heightened investor interest, parallels the top of the bull market for Bitcoin observed in Nov. 2021 when the trading volume touchedย  $80 billion.

Volume and OI of CME Bitcoin Futures: (Source: The Block)
Volume and OI of CME Bitcoin Futures: (Source: The Block)

As per the analysis, CME currently commands roughly 31% of the futures market with 116,000 BTC in open interest contractsโ€”an increase of 7% within the past 24 hours. This notable growth in open interest is occurring concurrently with a decline in Binance’s market share. The dominant cryptocurrency exchange has seen its market share plummet to an all-time low since Dec. 2021, nearing 25%.

CME vs Binance Open Interest: (Source: Glassnode)
CME vs Binance Open Interest: (Source: Glassnode)

Curiously, a significant premium to Bitcoin futures CME price over the spot has been observed, signaling potential market anticipations of an upward trajectory.


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