Ahead of the launch of the Proshares Bitcoin Strategy (BITO) ETF, open interest in bitcoin futures has increased since the start of the month, according to data from institutional arm Coinbase Skew Analytics. Binance and FTX carve out the lion’s share of open interest in bitcoin futures contracts with 40.67% of the market. Additionally, bitcoin futures open interest metrics data from bybt.com shows that the Chicago Mercantile Exchange (CME) orders 15.54% of all open interest for bitcoin posted this week.
Open interest in Bitcoin futures has grown dramatically
On Tuesday, October 19, 2021, the first exchange-traded fund based on bitcoin futures was launched in the United States. So far, the Proshares Bitcoin Strategy ETF (BITO) is trading above the initial value of the ETF when the opening bell started trading.
Since the first bitcoin ETF is based on the BTC derivatives markets, prior to launch, a large influx of open interest in bitcoin futures was recorded by a number of analytical web portals.
On October 12, Skew Analytics from Coinbase Institutional tweeted about the huge open interest arising from the bitcoin futures markets. “Open interest in Bitcoin futures has increased since the start of the month,” Coinbase Institutional Skew’s official Twitter account noted.
Additionally, the account noted that the BTC options markets are quite different. “The Bitcoin options market appears to be cautiously positioned ahead of ETF catalysts with a return to positive territory,” Skew remark The next day.
Binance, FTX Orders 40.67% of Bitcoin’s Open Interest – CME Group Captures Nearly 16%
Data from bybt.com indicates that Binance reigns supreme when it comes to the dominance of open futures interest in Bitcoin. Statistics show that Binance controls 23.5% of all open interest in bitcoin among all BTC derivatives markets traded today.
Binance registered around $ 5.54 billion, while the FTX Exchange captures around $ 4.05 billion or 17.17%. CME Group’s open interest (OI) metrics have increased as CME now ranks third in terms of OI. CME saw a 1.35% increase in OI and metrics show that CME commands 15.54% of the open interest of all bitcoin futures contracts.
CME is followed by Bitcoin futures markets such as Bybit, Okex, Deribit, Huobi, and Bitmex. Collectively, the five mentioned crypto derivative exchanges command 35.56% of all OI bitcoin counted.
What do you think of the rise in open interest in Bitcoin futures ahead of the Bitcoin ETF listed today? Let us know what you think of this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Skew Analytics, bybt.com,
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