The CME Group’s cash-to-pay Bitcoin futures open interest rate reached an all-time high of $ 1 billion. Bitcoin (BTC) price is trading at $ 18,165.
The leading cryptocurrency has shown a significant rise since yesterday. The increase in open interest or the value of unpaid derivatives contracts that have not yet been closed indicates that more money is flowing in the market and traders expect a short-term increase in Bitcoin’s volatility. CME launched Bitcoin futures in December 2017 and is currently the only legal offer paid in cash in the US.
In less than three years after its launch, futures trading became popular. As Ryan Todd of The Block Research reports, open interest holders of CME Bitcoin futures make up the top 60 of all CFTC reportable futures contracts.
Interest in Options Increases
Futures contracts had a higher overall average of large open interest traders in October than the CME Aussie Dollar contracts, CME 1 and 3-month SOFR contracts and CME Brazilian Real contracts. Earlier this year, CME also started trading Bitcoin options. Total open interest in the bitcoin options market is also rising, reaching $ 3.8 billion on Monday.