Bitcoin Futures Open Interest on CME Reaches Record Highs

The total open interest in cash-settled bitcoin futures on the Chicago Mercantile Exchange (CME) has reached a historic high of $6.22 billion, according to Coinglass.

In comparison, the corresponding figure for Binance is $4.61 billion, and for Bybit, it is $3.48 billion.

The previous peak in open interest (OI) on CME was recorded in November 2021 at $4.5 billion, when the price of bitcoin surpassed $68,000.

In the past 24 hours, the OI on the regulated exchange increased by 12%. This surge indicates a growing number of institutional traders. The Block suggests these traders are optimistic about the SEC’s decision regarding spot bitcoin ETFs. 

Notably, there is a rise in long positions among asset managers, with this metric also reaching a record high of $2.52 billion.

Conversely, the OI for hedge funds holding short positions in bitcoin futures on CME remains high. The current figure stands at $2.7 billion, slightly below the November 2021 level of $2.9 billion.

The net long position of asset managers is $2.5 billion, while the net short position of hedge funds is $2.1 billion. 

Earlier in the autumn, CME overtook Binance to become the largest platform by OI.