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CME Bitcoin futures break the interest record, and that means it

May 7, 2020

Institutional Bitcoin (BTC) investors are betting on a bullish riseThe latest data show new records for the main cryptocurrency futures markets.

As stated Arcane research on May 7th, the institutional cryptocurrency analytics company, The CME Group’s open interest in Bitcoin futures has reached a new all-time high.

CME: Open Interest reaches a new all-time high, but the volume is decreasing

According to the figures collected from the Skew surveillance resource, the open interest of CME reached $ 399 million, breaking the previous record of $ 392 million in June 2019.

CME Bitcoin futures break the interest record, and that means itCME Bitcoin futures break the interest record, and that means it

Open Interest’s growth rate has been particularly impressive since March, when it was less than $ 150 million due to the sudden drop in Bitcoin prices. 60% ..

At the same time, however The total volume of CME futures remains low and has shown no similar behavior.

“Nevertheless The daily trading volume does not show the same growth, which indicates less trade-related activities and more exposure-related CME“summarized the company.

This could be an implication of the current status quo CME traders are preparing for the price of Bitcoin at short notice, which was hovering around USD 9,300 at the end of this edition, near the highs of several months.

“For me, that means The expected course of action for price promotions will be to fill short-term interest;; I am convinced that it will stay on top, “said the analyst from Cointelegraph Markets, filbfilb, in his last bulletin.

This means that I think there is room for further increases, possibly for a short time through $ 10,000, but overall, I think that we will probably need more time below $ 9,000.

CME vs. Bitcoin Open Futures Interest the volume. Source: Arcane Research / Skew

Beyond futures, interest in options continued to perform well for two days, Skew confirmed. Twitter.

BTC shares

However Such behavior could underscore the renewed confidence of the professional economy in Bitcoin.given the ongoing detachment of the cryptocurrency from the stock markets.

As stated by the market analyst Mati Greenspan, The past few weeks have shown that Bitcoin wins as the stocks have withered. This is in stark contrast to March and most of April, when assets moved at the same time.

The investment advisor Timothy Peterson added that This collapse has also occurred on the Japanese stock exchange, the Nikkei.

“The long-term relationship between the Japanese stock market and the # bitcoin price is undeniable, although it is not explained.”he wrote on Wednesday.

However The relationship seems to have been broken recently.

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