Economic derivatives products for bitcoin have grown massively during the last few months. On Friday evening (EST), Arcane Analysis explained that the Chicago Mercantile Exchange has surpassed Okex as the largest bitcoin futures provider. The regulated derivatives Stock Exchange at CME has doubled month after month as incoming interest has created more demand for CME’s bitcoin futures.
- The Chicago Trade Exchange (CME Group) is the world’s largest financial derivatives exchange that trades in various asset classes. The quarrel first launched its bitcoin futures products back in December 2017, and since then the demand for crypto by-products has skyrocketed.
- On October 14, 2020, the investment manager Wilshire Phoenix published a study which says that “CME Bitcoin Futures support more to price discovery than its related spot markets.”
- “CME Bitcoin Futures have grown to become momentous, this is not only demonstrated through trading volume and open interest, but also by influence on spot price genesis,” the investment manager’s research called “Efficient Price Discovery in the Bitcoin Markets” said.
- On October 24, 2020, word.Bitcoin.com reported on how CME Group became the second-largest derivatives market for bitcoin futures in terms of open interest. Two key episodes helped push CME’s futures above the competitors; the crypto support announcement from Paypal, and the legal troubles neighbouring the derivatives exchange Bitmex.
- This week, CME Group has surpassed Okex and is the largest bitcoin futures provider at the many times of publication. The exchange has captured over $1.16 billion in open interest toward its bitcoin futures market artefact. This is just a hair above the exchange Okex, which commands $1.07 billion in bitcoin futures responsive interest.
- The research and analysis firm Arcane Research tweeted about the latest CME Group milestone after obtaining figures from Skew.com. “According to data from Skew.com, CME is now the largest futures market for bitcoin. Institutional investors are here,” Arcane tweeted on November 27.
- Other bitcoin derivatives reciprocates that are also seeing notable open interest spikes include Binance, Huobi, and Bybit. In fact, according to Arcane Investigation’s recent tweet, Bybit and Bitmex share the same amount of open interest.
- The bitcoin derivatives exchange Bakkt, which handles in physically-settled bitcoin futures is barely a blip on the radar compared to competitors.
What do you think about CME outpacing the antagonists like Okex when it comes to bitcoin futures open interest? Let us know what you think about this subject-matter in the comments section below.
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