The Block16 minutes ago

Published on January 09, 2024 14:56 GMT+00:00edited on January 09, 2024 15:01 GMT+00:00

The open interest of bitcoin futures on the Chicago Mercantile Exchange has reached an all-time high, according to multiple data sources.

Bitcoin futures open interest reached $5.4 billion on the CME, according to The Block's Data Dashboard. The recent rise is notably higher than the previous all-time high of $4.5 billion, which was recorded in November 2021 when bitcoin reached its peak of over $68,000.

Velo Data recorded bitcoin CME futures open interest spiking above the $6 billion mark in the past 24 hours. The increase in outstanding futures contracts on CME indicates heightened participation by institutional traders, who may be anticipating potential approvals of spot bitcoin ETFs later this week.