CME becomes world’s 2nd largest bitcoin futures market
Chicago Mercantile Exchange (CME) has become the second-largest bitcoin futures exchange by open interest. Second only to Binance, CME has jumped two places from the previous month’s ranking, representing a rise in institutional demand for futures contracts.
CME’s recent jump indicated its resemblance to its Q4 of 2020 ranking when Bitcoin’s four-fold institutional-driven rally to almost $40,000 drove the Exchange to secure the top position on the list.
According to derivatives research firm Skew, which was recently acquired by Coinbase, CME currently accounts for nearly 17% of the global futures open interest of $17.9 billion.
The exchange is moving up its rankings as Bitcoin attains mid-May levels, a situation akin to the previous year. Bitcoin has risen by more than 30% since September 29 to around $ 54,000 which has been running opposite from the current bearish phase of the global stock market.
CME’s annual premium has also risen to 15% for the first time in six months, again indicating a swelling demand from institutional investors.
Despite being under intense regulatory scrutiny, Binance has been outperforming other exchanges for months with an open interest of $4.1 billion. CME was successful in squeezing out Binance from the dominant position, but the latter quickly bounced back in Q1 of 2021.
The post CME becomes world’s 2nd largest bitcoin futures market appeared first on Our Bitcoin News.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow
