Open interest in CME Group's Bitcoin futures hits all-time high

02 Jun, 2019
by Richard Allen
Open interest in CME Group's Bitcoin futures hits all-time high

According to the Chicago Mercantile Exchange’s (CME) data sheet for May 28, open interest on bitcoin Futures contract hit 5,190, setting a new all-time high. The figures represent an increase of around 7% from the figures published a week before.

Interest in CME’s Bitcoin Futures has been growing in tandem with the underlying asset’s price. As such, CME has posted several record-breaking figures in 2019. In May, Chepicap reported that CME’s Bitcoin futures volumes hit $1.3 billion.

As Bitcoinist reports, May 31 was the final day of trading and the futures contracts settlement will be happening on Monday, 3 June. Several prominent members of the industry are expecting Monday’s settlement to be the biggest the contract has ever seen, which may carry implications for Bitcoin’s price on the spot market.

Bitwise’s report released in May has suggested that regulated futures volumes account for 48% of the spot market.

As Chepicap reported at the end of May, Grayscale’s Bitcoin Trust traded at $11,600 per BTC, a premium of around 37% more than the actual price of Bitcoin. this seems to point to the fact that institutional investors are willing to pay a premium for the asset as their belief in the market rises.

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