Known as the largest financial derivatives exchange in the world, the Chicago Mercantile Exchange (CME) Group has also achieved the title of the largest Bitcoin (BTC) Futures market in the world. New data shows that CME Group has outshined the Malta-based cryptocurrency exchange OKEx in terms of Bitcoin futures contract open interest in order to achieve this milestone.
CME is now the largest futures market for Bitcoin
The market intelligence company Arcane Research has shared in a tweet on November 27 data from Skew which shows that the Bitcoin futures market has witnessed significant growth in open interest during the last one month. Due to this surging open interest, CME Group was able to hold the title of the largest Bitcoin futures market.
Prior to CME, the major cryptocurrency exchange OKEx was holding the first spot in the Bitcoin futures market. However, over the past one month, CME Group’s Bitcoin Futures market has seen more open interest in its futures contracts than that of the OKEx exchange. By overtaking OKEx, CME has now become the largest futures market in the world for Bitcoin (BTC).
CME saw an open interest of around $1.16 billion in its BTC futures contract. While on the other hand, the OKEx crypto exchange has now been pushed down to the 2nd spot after seeing a low Bitcoin futures open interest of approximately $1.07 billion as compared to Chicago Mercantile Exchange. The world’s leading digital currency exchange Binance ($0.9 billion), the Singapore-based cryptocurrency exchange Huobi ($0.67 billion), and the Seychelles-registered cryptocurrency derivatives trading exchange BitMEX ($0.6 billion) stand at the third, fourth, and fifth spots respectively in this case.
ByBit, on the other hand, has also been able to enroll itself into the list of top Bitcoin futures markets. At the beginning of this week, the Singapore-based cryptocurrency exchange revealed in an announcement that it is planning on rolling out a new quarterly futures product for Bitcoin very soon.
According to data from @skewdotcom, CME is now the largest futures market for #bitcoin!
Institutional investors are here?? pic.twitter.com/6GgQdrMw12
— Arcane Research (@ArcaneResearch) November 27, 2020
“Institutional investors are here”
The main driving factor behind the upsurge in the open interest in the Bitcoin futures market is the incoming of institutional investors in the cryptocurrency market. Throughout this year, the digital currency market especially the BTC futures market has witnessed a great deal of interest from institutional investors.
While sharing data over Bitcoin futures open interest, Arcane Research said, “institutional investors are here”.