CME Group’s Bitcoin Futures Domination: A $5.29 Billion Surge
CME Group continues to dominate the bitcoin futures open interest, reaching an impressive $5.29 billion, while Binance closely follows with $4.65 billion.
Analyzing data from 14 derivative exchanges, the combined open interest across the market has surged to $40.74 billion as of December 10, 2023. CME Group’s ascendancy in bitcoin futures open interest began in November 2023 when it surpassed Binance’s $3.87 billion with an OI of $4.06 billion. The latest figures reveal a substantial increase in both CME Group and Binance’s open interest.
CME Group reported a recent open interest of $5.29 billion, equivalent to 120.54K BTC, while Binance recorded 105.74K BTC, totaling $4.65 billion. Despite leading the market, CME Group faces an intriguing situation with a notable gap at the $40,000 mark, known as the “CME Gap.” This gap represents the difference between BTC’s closing and reopening prices on CME’s market, potentially indicating a correction for BTC. While analysts debate the likelihood of filling the CME gap, historical trends and insights from analysts suggest a 60-80% chance of closure.
Clever Robot News Desk 12th December 2023
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