Consider: Cme on bitcoin futures
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CME Becomes Biggest Bitcoin Futures Exchange as Institutional Interest Rises
Chicago Mercantile Exchange (CME) has taken the prime spot on the list of the biggest bitcoin futures trading platforms, indicating a continued rise in institutional participation.
- With an open interest of $ billion, the CME accounted for % of the global tally of $11 billion on Wednesday – the highest among major exchanges tracked by Skew, a crypto derivatives research firm.
- OKEx was the second-biggest exchange with an open interest of $ billion, while Binance, the word's biggest crypto spot exchange by trading volume, ranked third with $ billion.
- Open interest refers to the number of contracts traded but not squared off with an offsetting position.
- Looking back a year, the size of the futures market was quite small. Global open interest stood at $3 billion on Jan. 7, , of which the CME contributed just 7% or $ million.
- The CME has steadily climbed ranks over the past 12 months and more so over the past three months alongside bitcoin's meteoric price rally from $10, to record highs above $37,
- The exchange is considered synonymous with institutional trading, as it prefers to trade futures of any product via an established and regulated exchange like the CME.
Also read: Total Cryptocurrency Market Value Hits Record $1 Trillion
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