As the institutional investments accentuated in Bitcoin for the last few months.
The Open Interests for Bitcoin futures surged gigantically on the CME exchange reaching a high of $976 million.
Bitcoin has remained bullish in 2020 with its excellent uptrend of 144 percent increase, as reported by Messari market data. Leading investors, founders of the biggest tech firms, have openly supported Bitcoin and cryptocurrencies lately. The Open interest for bitcoin futures is soaring with the inflow of institutional capital from firms like MicroStrategy, Square, and PayPal, allowing users to use Bitcoin on its platform to purchase at 26 million merchants worldwide.
CME Soars as other exchanges face regulatory challenges
As the competitor exchanges face the regulatory compliance issues and come under government authorities’ radar, CME sees a massive hike in its bitcoin futures position. While Chinese media reported the arrest of Huobi COO Robin Zhu, BitMEX reshuffled its top management to handle and resolve the legal filings and regulatory actions against it in October.
CME Bitcoin Trading
CME bitcoin space is creating waves as the number of large open interest holders has reached 102. The most prominent players in the market, Bill Miller and Stanley Druckenmiller, have shared some positive insights about the leading cryptocurrency.
Bill Miller just exclaimed that every major investment bank and the leading high worth firms would sooner or later adopt cryptocurrencies. Citing the great performance of Bitcoin for the past periods, he said that there are least risks of bitcoin going to zero. The Mutual funds veteran strongly vouching for Bitcoin created a positive stage for Bitcoin, which acted as a catalyst for the surge in open interest for bitcoin futures.
The prodigious billionaire investor Stanley Druckenmiller also substantiated the growing power and the latent potential of Bitcoin.
US Presidential Elections Increased BTC Futures Trading
The United States presidential elections concluded last week, which also created a furor amongst the traders. As they worked in and out of positions on the CME exchange, the Bitcoin futures saw a massive hike. Only between Nov 3rd and Nov 4th more than 6700 BTC futures were traded which was more than double of the volume traded on the platform since its launch. Worth $ 462 million BTC were traded on the Chicago Mercantile Exchange on the night of the election.
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