{"id":7003,"date":"2023-10-30T08:59:30","date_gmt":"2023-10-30T08:59:30","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/cme-emerges-as-second-largest-bitcoin-futures-exchange-approaches-top-spot\/"},"modified":"2023-10-30T08:59:31","modified_gmt":"2023-10-30T08:59:31","slug":"cme-emerges-as-second-largest-bitcoin-futures-exchange-approaches-top-spot","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=7003","title":{"rendered":"CME Emerges as Second-Largest Bitcoin Futures Exchange, Approaches Top Spot"},"content":{"rendered":"<div>\n<figure id=\"attachment_122466\" aria-describedby=\"caption-attachment-122466\" style=\"width: 840px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-122466\" class=\"wp-caption-text\">Source: Adobe\/fotofabrika<\/figcaption><\/figure>\n<p>The regulated <strong>Chicago Mercantile Exchange (CME)<\/strong> is steadily climbing the ranks as one of the largest Bitcoin futures and perpetual futures exchanges in a development reminiscent of the early stages of the 2020-2021 bull run.<\/p>\n<p>With a notional open interest (OI) of $3.54 billion, CME has surged from the fourth position to become the second-largest Bitcoin futures exchange, according to <span data-preserver-spaces=\"true\">data from Coinglass<\/span><span data-preserver-spaces=\"true\">.\u00a0<\/span><\/p>\n<p>Notional open interest refers to the U.S. dollar value locked in active or open contracts.<\/p>\n<p>Despite CME\u2019s impressive rise, crypto exchange Binance still holds the top spot, boasting an open interest of $3.83 billion, 8% higher than CME\u2019s.\n<\/p>\n<h2>CME\u2019s Cash-Settled Futures Contracts Pass 100,000 BTC Mark<\/h2>\n<p>\nIt is worth noting that CME\u2019s cash-settled futures contracts recently surpassing the 100,000 BTC mark for the first time on record.<\/p>\n<p>Additionally, the exchange now commands a lifetime high share of 25% in the BTC futures market.<\/p>\n<p>CME offers standard bitcoin futures contracts equivalent to 5 BTC, along with micro contracts sized at one-tenth of 1 BTC.<\/p>\n<p>The exchange also provides ether futures contracts with a standard size of 50 ETH and micro futures equivalent to one-tenth of 1 ETH.<\/p>\n<p>Open interest in offshore exchanges primarily revolves around perpetual futures that have no expiry and use the funding rate mechanism to stay in sync with the spot price.<\/p>\n<p>Some market observers interpret CME\u2019s rise as a sign of an institutional-led rally.<\/p>\n<p>Bitcoin has experienced a 27% increase in value this month, driven by ongoing macroeconomic uncertainty and optimism surrounding spot ETFs.<\/p>\n<p>Retail investors have also played a role in this trend, as evidenced by the significant uptick in futures-based ETFs.<\/p>\n<p>ProShares\u2019 bitcoin futures ETF, for instance, witnessed a staggering 420% surge in rolling five-day volume, reaching $340 million last week. This ETF invests in CME\u2019s bitcoin futures.\n<\/p>\n<h2>Analyst Says CME\u2019s Rise Indicates Slowing Bearish Positions<\/h2>\n<p>\nAndr\u00e9 Dragosch, head of research at Deutsche Digital Assets, has said that CME\u2019s rise is a result of unwinding bearish positions on offshore exchanges rather than being driven by long futures positions.<\/p>\n<p>According to Dragosch, while CME\u2019s share in BTC futures OI may have increased relative to other exchanges, the aggregate amount of BTC futures and perpetuals OI has not seen a significant increase in BTC terms.<\/p>\n<p>This implies that the recent surge in prices was more likely induced by a short squeeze and a reduction in aggregate open interest.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">This take doesn&#8217;t make sense.<\/p>\n<p>CME&#8217;s share in <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> futures OI might have increased relative to other exchanges but the aggregate amount of BTC futures &amp; perps OI has not increased in BTC terms, implying that long futures positions were not the main driver behind the recent\u2026 https:\/\/t.co\/9y6xAcmvzn <a rel=\"nofollow\" href=\"https:\/\/t.co\/imHZNib4ls\">pic.twitter.com\/imHZNib4ls<\/a><\/p>\n<p>\u2014 Andr\u00e9 Dragosch | Bitcoin &amp; Macro \u26a1 (@Andre_Dragosch) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/Andre_Dragosch\/status\/1716790606649847933?ref_src=twsrc%5Etfw\">October 24, 2023<\/a><\/p>\n<\/blockquote>\n<p>Meanwhile, the anticipation of a spot ETF approval has led to a surge in Bitcoin\u2019s price in recent weeks.<\/p>\n<p>The cryptocurrency rallied towards $35,000 earlier this month, driven by market speculation surrounding the potential approval of a spot ETF.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/cme-emerges-as-second-largest-bitcoin-futures-exchange-approaches-top-spot.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Adobe\/fotofabrika The regulated Chicago Mercantile Exchange (CME) is steadily climbing the ranks as one of the largest Bitcoin futures and perpetual&#8230;<\/p>\n","protected":false},"author":1,"featured_media":7004,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-7003","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CME Emerges as Second-Largest Bitcoin Futures Exchange, Approaches Top Spot | inFundPros<\/title>\n<meta name=\"description\" content=\"Source: Adobe\/fotofabrika The regulated Chicago Mercantile Exchange (CME) is steadily climbing the ranks as one of the largest Bitcoin futures and\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=7003\" \/>\n<meta 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