CME overtakes Binance to grab largest share of Bitcoin futures open interest
Binance’s dominance of Bitcoin futures open interest has been toppled by traditional derivatives market place heavyweight Chicago Mercantile Exchange (CME), following Bitcoin’s first move past the $37,000 mark in over 18 months.
A number of analysts highlighted the ‘flippening’ of Binance by CME, with the latter overtaking the global cryptocurrency exchange for the largest share of Bitcoin futures open interest.
Wow, the real flippening that no one is talking about:
CME just flipped Binance for the largest share of Bitcoin futures open interest.
Bittersweet -- there will soon be more suits than hoodies here.
(h/t @VidiellaLaura) pic.twitter.com/SIPRLMlFcy
Open interest is a concept commonly used in futures and options markets to measure the total number of outstanding contracts. The metric represents the total number of contracts that are held by traders at any given point in time. The difference between the number of contracts that are held by buyers (longs) and the number of contracts held by sellers (shorts) determines open interest.
Bloomberg Intelligence exchange-traded fund (ETF) research analyst James Seyffart followed up an initial X (formerly Twitter) post from Will Clemente, questioning whether CME’s growing amount of Bitcoin futures open interest would appease the United States Securities and Exchange Commission’s (SEC) historical concerns over the depth of Bitcoin markets and the potential for market manipulation.
Okay this is interesting... Does this constitute 'market of significant size' now? haha https://t.co/eQb7QXvO3H
This has long been a point of contention, which has led to the SEC holding back from approving several spot Bitcoin ETF applications over the past few years. The regulator previously told the
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