CME Bitcoin futures volume spikes to $70B amid shifting market dynamics

exchange68September 12, 2024

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Quick Take

This November, the aggregated monthly trading volumes of CME Bitcoin futures have spiked to an impressive $70 billion. This considerable surge, denoting a heightened investor interest, parallels the top of the bull market for Bitcoin observed in Nov. 2021 when the trading volume touched $80 billion.

Volume and OI of CME Bitcoin Futures: (Source: The Block)

As per the analysis, CME currently commands roughly 31% of the futures market with 116,000 BTC in open interest contracts—an increase of 7% within the past 24 hours. This notable growth in open interest is occurring concurrently with a decline in Binance’s market share. The dominant cryptocurrency exchange has seen its market share plummet to an all-time low since Dec. 2021, nearing 25%.

CME vs Binance Open Interest: (Source: Glassnode)

Curiously, a significant premium to Bitcoin futures CME price over the spot has been observed, signaling potential market anticipations of an upward trajectory.

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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