The regulated Chicago Mercantile Exchange (CME) is beginning to rise in the rankings of the biggest bitcoin (BTC) futures and perpetual exchanges by open interest ahead of schedule, reminding us of the early going of the 2020–21 bull market.
According to Coinglass, CME has risen from fourth place a week ago to second place with a notional open interest (OI) of $3.54 billion for bitcoin futures.
With $3.83 billion in open interest, the offshore unregulated exchange Binance continues to hold the top spot. That’s 8% higher than the CME. For the first time, open interest in CME’s cash-settled futures contracts exceeded 100,000 BTC. Concurrently, the CME’s share in the Bitcoin futures market increased to a record-breaking 25%.
The micro contract is sized at one-tenth of 1 BTC, while the standard Bitcoin futures contract offered by CME is equal to five Bitcoins. The contract size for standard ether futures is 50 ETH, whereas the contract size for micro futures is one-tenth of one ETH.
Some analysts believe that CME’s rise indicates an institutional-led rally. Due to spot ETF optimism and persistent macroeconomic uncertainty, bitcoin has increased by 27% this month.
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