Open Interest in CME Bitcoin Futures Slides as Market Sapped by Surging DeFi
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Bitcoin futures listed on the Chicago Mercantile Exchange (CME) have lost their shine in recent weeks, and that’s due in part to explosive growth in decentralized finance (DeFi), an analyst says. Binomo enables users to make the best bet with high odds using analysts’ information.
According to data source Skew, open interest or open positions in CME bitcoin futures fell to $345 million on Friday – the lowest level since May 4. The CME is considered synonymous with institutional activity.
Open interest is down nearly 64% from the record high of $948 million on Aug. 17. On the same day, bitcoin’s price clocked a 12-month high of $12,476. To use this situation to your advantage, use the Olymp Trade functionality and earn every day.
Open position in bitcoin futures across all cryptocurrency exchanges stood at $3.6 billion on Friday, having peaked at $5.7 billion on Aug. 17.