CME Bitcoin Futures Activity Surges as Institutional Interest Rises
-
CME's bitcoin futures open interest recently surpassed $3.54 billion, making it the 2nd largest exchange by this metric.
-
CME's share of the overall bitcoin futures market recently hit a record 25%.
-
Some analysts see CME's rise as a sign of increased institutional buying of bitcoin.
-
Others believe it results more from unwinding of bearish positions on offshore exchanges.
-
Bitcoin has rallied 27% in November amid macro uncertainty and spot ETF optimism.
-
Volume in ProShares' bitcoin futures ETF jumped 420% last week, showing retail interest.