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Change of leadership at the contract forefront? CME Bitcoin open interest surpasses Binance for the first time

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Change of leadership at the contract forefront? CME Bitcoin open interest surpasses Binance for the first time

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CME Bitcoin Open Interest Surpasses Binance for the First Time

It was just reported at the end of October that the open interest (OI) of Bitcoin futures on the Chicago Mercantile Exchange (CME) has surpassed 100,000 BTC for the first time in history, closing in on Binance.

Now, CME's Bitcoin futures OI has officially surpassed that of Binance, setting a new historical record.

Coinglass data shows that CME's open contracts amount to 111,000 BTC, totaling $4.09 billion, while Binance has 103,000 BTC, totaling $3.8 billion.

Recap: CME Bitcoin Futures Close in on Binance! What's the significance of the record high open interest?

Data from Glassnode also indicates that CME's Bitcoin OI has surpassed Binance's.

The last time the OI of the two exchanges was this close was back in December 2021, shortly after Bitcoin hit a historic high of $69,000.

CME Futures and Spot Markets: A Win-Win Situation?

The rise in CME's Bitcoin OI may be attributed to the influx of traditional financial users and institutions anticipating positive news for Bitcoin spot ETFs.

Previously, K33 Research analyst Vetle Lunde pointed out that part of this shift stems from the closure of FTX, which caused offshore market users to migrate to the perpetual contract market.

Furthermore, the Hashdex Bitcoin ETF, which was highly anticipated by analysts for its compliance with SEC standards, conducts its spot trading through CME's over-the-counter market via Exchange for Physical (EFP).

Hashdex Bitcoin ETF Uses CME OTC Trading to Address Manipulation Concerns