Bitcoin

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 The surge in CME Bitcoin futures OI has helped the regulated derivatives platform attain a 25% market share in Bitcoin futures.
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 The Chicago Mercantile Exchange (CME), a regulated Bitcoin (BTC) Futures exchange, now stands just behind Binance in terms of notional open interest (OI) to rank second in the list of BTC futures exchanges.
 CME’s OI hit $3.58 billion earlier on Oct. 30, pushing the regulated derivatives exchange platform to jump two positions from the last week. CME overtook Bybit and OKX with $2.6 billion and $1.78 billion in OI, respectively, and is just a few million away from Binance’s OI of $3.9 billion.
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/30/51cf543c4388622189adaf7ceee59aef.webp">
 <figcaption style="text-align: center;">Bitcoin Futures Exchange rankings by Open Interest. Source: Coinglass
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 The standard Bitcoin futures contract offered by CME is valued at five BTC, whilst the micro contract is worth a tenth of a Bitcoin. Perpetual futures, as opposed to ordinary futures contracts, are the main focus of open interest in offshore exchanges as they come without an expiration date and use the funding rate method to maintain their price parity with the market price.
 Bitcoin open <a rel="noopener noreferrer nofollow" title="interest" href="https://thebittimes.com/tag/interest.html">interest</a> refers to the total number of outstanding Bitcoin <a rel="noopener noreferrer nofollow" title="futures" href="https://thebittimes.com/tag/futures.html">futures</a> or options contracts in the market. It is a measure of the amount of money invested in Bitcoin derivatives at any given time. The OI measures the capital flowing in and out of the market. If more capital flows to Bitcoin <a rel="noopener noreferrer nofollow" title="futures" href="https://thebittimes.com/tag/futures.html">futures</a>, the open <a rel="noopener noreferrer nofollow" title="interest" href="https://thebittimes.com/tag/interest.html">interest</a> will increase. However, if the capital flows out, the open <a rel="noopener noreferrer nofollow" title="interest" href="https://thebittimes.com/tag/interest.html">interest</a> will decline. Hence, increasing open <a rel="noopener noreferrer nofollow" title="interest" href="https://thebittimes.com/tag/interest.html">interest</a> reflects a bullish sentiment, whereas a declining OI indicates a growing bearish sentiment.
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 CME’s rising OI not only helped the regulated futures exchange to climb to the second spot among futures crypto exchanges but also saw its cash-settled futures contracts exceed 100,000 BTC in volume. The rising interest of traders in the Bitcoin futures market has also propelled CME to gain 25% of the Bitcoin futures market share.
 A majority chunk of investment into CME <a rel="noopener noreferrer nofollow" title="futures" href="https://thebittimes.com/tag/futures.html">futures</a> has come via standard <a rel="noopener noreferrer nofollow" title="futures" href="https://thebittimes.com/tag/futures.html">futures</a> contracts indicating an influx of institutional <a rel="noopener noreferrer nofollow" title="interest" href="https://thebittimes.com/tag/interest.html">interest</a> as Bitcoin registered a massive double-digit <a rel="noopener noreferrer nofollow" title="surge" href="https://thebittimes.com/tag/surge.html">surge</a> in October, helping it reach a new one-year high above $35,0000.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/cme-becomes-second-largest-bitcoin-futures-exchange-as-open-interest-surges-tbt68344.html">https://thebittimes.com/cme-becomes-second-largest-bitcoin-futures-exchange-as-open-interest-surges-tbt68344.html</a>

CME becomes second-largest Bitcoin futures exchange as open interest surges

TheBitTimes

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