Open Interest in CME Bitcoin Futures Slides as Market Sapped by Surging DeFi
Institutional interest in bitcoin futures has plummeted as the DeFi explosion made carry trades less attractive, said Bequant's Denis Vinokourov.
Related News
Prior to the launch of the Proshares Bitcoin Strategy ETF (BITO), open interest in bitcoin futures products has been surging since the start of the month, according to data from the Coinbase Institutional arm Skew Analytics. Binance and FTX command the lion’s share of bitcoin futures’ open interest with 40.67% of the market. Moreover, data from bybt.com’s bitcoin futures’ open interest metrics, shows the Chicago Mercantile Exchange (CME) commands 15.54% of all the open interest in bitcoin futures tallied this week.
Bitcoin Futures Open Interest Has Risen....
ADA's price crashed the last time its futures open interest reached $1 billion, leading traders to question whether or not it is about to happen again. The impressive 816% gain of Cardano's ADA coin in 2021 catapulted the smart contract platform's market capitalization to $61 billion. To fully grasp how far this third-generation protocol has gone, the absolute leader, Ether (ETH), held the same valuation just six months ago.As AD's price evolves, so do its derivatives markets, and the nearly $1 billion in futures open interest poses both an opportunity and a threat for the price. Cautious....
The Chicago Mercantile Exchange (CME) just became the second-biggest Bitcoin futures exchange in open interest behind OKEx, buoyed by rising institutional demand. The CME Bitcoin futures market overtook Binance Futures to become the second-biggest Bitcoin (BTC) futures exchange by open interest. The data shows that the institutional volume is rapidly gaining a larger share of the cryptocurrency market.On Oct. 10, Skew reported that the CME Bitcoin futures market’s open interest rose sharply by 1,500 contracts. Since then, within three days, the price of BTC surged 9% to over $13,000. The....
Bitcoin is rallying as buyers in the U.S. continue to drive the price up, but signs of overheating are emerging in Asia. Bitcoin (BTC) is continuing to rise to new heights above $35,000 on Wednesday as U.S. buyers on Coinbase further drive up the price. But the BTC futures market’s funding rate is also surging alongside futures open interest.The combination of a high funding rate, whales in Asia selling and a record-high futures market open interest raises the chances of a short-term correction.BTC/USDT daily candles chart (Binance). Source: TradingView.comWhat’s more likely, a correction....
Bitcoin futures open interest on Monday has crossed $23 billion according to data recorded on April 5. The crypto asset exchange Binance has taken the lead as far as open interest in bitcoin futures is concerned with a massive $10.5 billion in open interest. Binance Captures the Bitcoin Futures Lead Not too long ago, Bitcoin.com’s newsdesk reported on CME Group capturing the lead as far as open interest in bitcoin futures. Today, that’s no longer the case, as Binance has jumped ahead of the pack as far as delivering futures derivatives products for BTC. Skew.com analytics....