CME Bitcoin Futures Closing in on Binance! What is the Significance of the Record High Open Interest?

According to researcher Vetle Lunde from investment firm K33 Research, the open interest (OI) of Bitcoin futures on the Chicago Mercantile Exchange (CME) has surpassed 100,000 BTC for the first time in history.

CME Bitcoin Futures Market Sees Increased Interest

Vetle Lunde observed that while the open interest in perpetual contracts in the offshore market decreased by 26,735 BTC, the open interest in CME increased by 4,380 BTC.

According to statistics, CME's market share in the Bitcoin futures market has climbed to a historical high of 25%, approaching Binance's 29% market share.

Significance of CME's Increased Market Share

Vetle Lunde stated that CME holds an 80% market share in the traditional futures market, indicating that the offshore market has completely shifted to the perpetual contract market.

With the growth in CME's open interest, the first-month annualized futures premium for BTC has risen to 13%, significantly higher than ETH.

Even within CME, traders seem to be hedging BTC positions with ETH, and it will be interesting to see what changes occur on the expiry date this week.