Open interest in CME bitcoin futures hits an all-time high of $724 million

Open interest in CME Group’s cash-settled bitcoin futures has hit an all-time high of $724 million amid bitcoin’s value rise.

The spike in open interest, or the worth of excellent spinoff contracts which can be but to be settled, means that more cash is flowing in the market and merchants predict a near-term rise in bitcoin’s volatility.

The earlier all-time high open interest was round $532 million, which was recorded in Could.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(zero)–sm Mt(zero.8em)–sm" kind="textual content" content material="Supply: Skew, The Block Analysis

Whereas open interest is hovering, volumes have been low. The common each day buying and selling quantity in CME’s bitcoin futures has been round $276 million thus far this month as in comparison with $285 million final month. Nonetheless, yesterday, the amount shot as much as $1.33 billion given the rise in bitcoin’s value, as may be seen from the chart above. 

Yesterday, Bakkt additionally reported the biggest single-day volumes for its physically-settled bitcoin futures, at round $114 million, which is 12 occasions decrease than CME’s quantity. 

CME launched its bitcoin futures in 2017, and it’s at present the one regulated cash-settled providing in the U.S.  Earlier this yr, the trade additionally started bitcoin choices buying and selling.” data-reactid=”26″>Supply: Skew, The Block Analysis

Whereas open interest is hovering, volumes have been low. The common each day buying and selling quantity in CME’s bitcoin futures has been round $276 million thus far this month as in comparison with $285 million final month. Nonetheless, yesterday, the amount shot as much as $1.33 billion given the rise in bitcoin’s value, as may be seen from the chart above. 

Yesterday, Bakkt additionally reported the biggest single-day volumes for its physically-settled bitcoin futures, at round $114 million, which is 12 occasions decrease than CME’s quantity. 

CME launched its bitcoin futures in 2017, and it’s at present the one regulated cash-settled providing in the U.S.  Earlier this yr, the trade additionally started bitcoin choices buying and selling.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(zero)–sm Mt(zero.8em)–sm" kind="textual content" content material="© 2020 The Block Crypto, Inc. All Rights Reserved. This text is supplied for informational functions solely. It’s not provided or meant for use as authorized, tax, funding, monetary, or different recommendation.” data-reactid=”28″>© 2020 The Block Crypto, Inc. All Rights Reserved. This text is supplied for informational functions solely. It’s not provided or meant for use as authorized, tax, funding, monetary, or different recommendation.

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