Cryptocurrency News Today TheBitTimes.com

The Bitcoin futures annualized premium jumped to 34% on Nov. 28, leading analysts to speculate about an imminent spot BTC ETF approval. The demand for institutional investors for Bitcoin (BTC) became evident on Nov. 10 as the Chicago Mercantile Exchange (CME) Bitcoin futures flipped Binance's BTC futures markets in terms of size. According to BTC derivatives metrics, those investors are showing strong confidence in Bitcoin's potential to break above the $40,000 mark in the short term. CME Bitcoin futures open interest, USD. Source: Coinglass CME's current Bitcoin futures open interest stands at $4.35 billion, the highest since November 2021 when Bitcoin hit its all-time high of $69,000–a clear indication of heightened interest, but is it enough to justify further price gains? CME's remarkable growth and the spot Bitcoin ETF speculation The impressive 125% surge in CME's BTC futures open interest from $1.93 billion in mid-October is undoubtedly tied to the anticipat...

The state of the recent Bitcoin derivatives market was fairly dry. However, traders have started re-stepping into the arena. In fact, the futures OI has registered a substantial increase since the first week of January. On Binance alone, the reading of the same inclined from Jan. 5’s $2.44 billion to $3.16 billion towards the end of last week. As far as the aggregate numbers are concerned, data from C OI nglass revealed that the BTC futures OI on all exchanges rose from $9.37 billion to $11.1 billion in the same timeframe. BTC Futures OI | Source: Coinglass Also Read: Is a “Bigger Breakout” Looming for Bitc OI n, Ethereum? Alongside Binance’s rise, it is interesting to note that traders have started increasingly trading on CME as well. From the first week of January’s $1.1 billion lows, the number is already up to $1.9 billion. In fact, in terms of standings, CME, more commonly known as the “institutional exchange,” has glided up to the second...