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Record Open Interest for Bitcoin Futures Contracts

Largest Open Interest for Bitcoin Futures Contracts

The Open Interest for Bitcoin futures contracts on the Chicago Mercantile Exchange (CME) has recently reached a historical peak of $5.4 billion. This figure surpasses the previous record of $4.5 billion established in November 2021, when Bitcoin reached its all-time high and marked the end of the bull run. According to Velo Data, the Open Interest for CME’s Bitcoin futures contracts even briefly exceeded $6.2 billion in the past 24 hours.

Institutional Traders in the Spotlight

This increase in Open Interest in Bitcoin futures contracts on CME suggests a growing participation of institutional traders. This could be a sign of anticipation for potential approvals of Bitcoin spot ETFs in the coming days. Furthermore, other data indicates that the current value of long contracts held by asset managers has steadily grown for over a year, indicating a positive expectation for Bitcoin’s appreciation.

Currently, the value of long positions held by asset managers amounts to $2.5 billion, while the value of short positions from hedge funds is around $2.1 billion.

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