Industry data showed that CME Group has become the world’s largest Bitcoin (BTC) futures market after an increase in open interest in the last month.

Arcane Research tweeted on Friday that the Chicago Mercantile Exchange has bypassed OKEx as the world’s largest Bitcoin futures market. Quoted from data from market research firm Skew, Arcane reported that open interest in bitcoin futures contracts for CME was $ 1.16 billion. Meanwhile, OKEx has invested $ 1.07 billion dollars.

“The institutional investors are here,” Arkan said.

The futures market for bitcoin on the Chicago Mercantile Exchange has more than doubled in the last month as more traders seek access to major cryptocurrencies when they hit record highs. Futures trading can sometimes lead to extreme volatility, especially as the maturity approaches, as contract holders adjust their positions before that date.

The BTCX20 futures contract in November expires on Friday.

Stock exchanges in cryptocurrencies Binance and Huobi have also become major participants in futures contracts. Based on open interest, they are the third and fourth largest BTC futures platform in a row.

Bybit, which also appeared on the Arcane listing, announced earlier this week that they will soon launch a quarterly bitcoin futures contract.

The futures market is an important innovative component of bitcoin adoption because it means that traditional investors are involved in the process. While the beef market in 2017 was largely driven by traders, the current bullish trend was driven by deeper institutional pockets.

According to investment manager Wilshire Phoenix, CME has become particularly important in determining the price of bitcoin.

Wilshire said the importance of the Chicago Mercantile Exchange “is demonstrated not only by trading volume and open interest, but also by its influence on the formation of spot prices.”

The Bitcoin price is currently consolidating in the $ 16,500 series after massive Thanksgiving sales.

Source: CoinTelegraph

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