CME Overtakes Binance in Bitcoin Futures Open Interest, Signaling Rising Institutional Involvement
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CME, an exchange seen as more institutional, recently surpassed Binance in bitcoin futures open interest. This could signal rising institutional involvement.
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CME is considered a proxy for institutional crypto activity. Increased open interest there may be driven by bitcoin's price rally or bets on a bitcoin ETF approval.
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Typically when CME's open interest grows, it marks a bitcoin price top. However, Binance's market share has declined and shorts were just liquidated.
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While CME open interest spiked, that doesn't necessarily mean the entire futures market is exploding.
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What it all means for bitcoin's price remains uncertain. The author notes he'd be trading, not writing, if he knew.