Posted 11/29/2023, 9:18:22 PM
Bitcoin Futures See Surge in Open Interest as Institutions Remain Bullish on Approval of Spot ETF
- CME Bitcoin futures open interest has surged 125% to $4.35 billion, indicating heightened institutional interest in Bitcoin
- Growth likely tied to speculation around approval of a spot Bitcoin ETF, although no direct correlation
- Annualized premium for CME futures spiked from 15% to 34% on Nov. 28, signaling extreme optimism
- Bitcoin options skew has remained below -7%, not indicating excessive short-term optimism
- As long as spot ETF approval hopes remain, bulls will likely keep pushing Bitcoin price toward resistance levels