Posted 1/9/2024, 10:03:00 PM
Bitcoin Futures Hit Record High Amid Spot ETF Hopes, But Rally Could Stall If Approved
- CME bitcoin futures open interest hit a record $6.2B on Tuesday as institutions bet on spot bitcoin ETF approval
- 43% of CME bitcoin futures contracts belonged to futures-based ETFs, per K33 Research
- K33 forecasts open interest & premiums will fall if a spot bitcoin ETF is approved, as money rotates out of futures
- CME front-month futures currently trade at an 18.7% annualized premium to spot bitcoin
- K33 says the "all-time high regime" for CME bitcoin futures could soon end with spot ETF approval triggering selling