Since two highly anticipated Bitcoin futures ETFs traded last week, the open interest (OI) on the Chicago Mercantile Exchange (CME) has soared to a record high of $ 5.44 billion, according to Glassnode.
The analyst added that open interest in CME rose nearly $ 4 billion, or 265 percent since late September, in October, “driven in part by the launch of the BITO ETF product.”
The source: Glass knot
Skew reports a slightly higher open interest of $ 5.6 billion for CME, while Binance is at the top with $ 5.7 billion.
The source: Crookedness
Rising open interests are often viewed as bullish as there are more market participants and greater capital exposure in the underlying asset.
On October 18th, the leverage rises along with the open interest and there have been some market crashes due to the liquidation of positions with high leverage.
Bloomberg ETF senior analyst Eric Balchunas reported that ProShares has requested an exemption from CME position limits.
The fund reached $ 1 billion in volume on its first day of trading and was the first ETF to reach $ 1 billion in assets under management in just two days. With the ticker GLD, BITO broke the previous record for a gold-based fund and in 2004 cracked the billion dollar mark within three days.
On October 23, Balchunas noted:
“ProShares is requesting an exemption from the CME position limits and can use swaps if necessary. Both will help a lot to maintain visibility as BITO continues to expand. “
Last week, BITO was holding nearly 1,900 contracts at one point and the CME cap was 2,000. At the close of trading on October 22, ProShares held 1,679 CME-BTC futures contracts.
VanEck’s third Bitcoin futures ETF is expected to start trading on October 26th, offering another option for institutional investors. VanEck was approved by the SEC last week and is ready to launch a Bitcoin strategy ETF with the ticker XBTF.
Bitcoin itself is up 3% on the day to $ 62,820 at press time, according to CoinGecko.
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