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Open interest of CME bitcoin futures contracts reaching an all-time high

CME's Open interest (number of open contracts) for bitcoin futures has reached an all-time high, at $ 724 million, amid a rebound in bitcoin prices.

The open interest spike, or the value of the unpaid derivative contracts, shows that there is more money flowing in the market and traders are expecting volatility. in the short term of bitcoin.

In May, the open interest of CME bitcoin futures also recorded a fairly high level, around 535 million USD, and in the last month of July, due to the image of bitcoin's price skyrocketing, the open interest continued to rise sharply and peaked. 

The fastest way to convert: bitcoin exchange

Contrary to the soaring open interest, the trading volume of CME is quite low.

Specifically, CME's Bitcoin Futures average daily transaction volume is around $ 276 million so far this July.

Meanwhile, the figure of the previous month was not better, only at 285 million USD.

However, since the bitcoin price broke $ 11,000, the volume of CME Bitcoin Futures has peaked again, reaching $ 1.33 billion yesterday, as can be seen in the chart above.

Yesterday, Bakkt also reported intraday trading volume for Bitcoin Futures, up sharply at $ 114 million, which is a very high number for Bakkt but 12 times lower than the volume of CME.

CME launched bitcoin futures in 2017 and is currently one of the most influential names in the Bitcoin Futures market, and the exchange also started offering options trading for bitcoin. .

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