• CME Bitcoin open interest hit a record 172K BTC.

• Institutional investors drove a surge of 19K BTC in the last 3 days.

• Futures premiums hit a 5-month high amid strong institutional interest.

Institutional investors are driving record-breaking Bitcoin open interest on the Chicago Mercantile Exchange (CME), pushing futures premiums to 5-month highs. This surge suggests strong confidence in Bitcoin’s potential for short-term growth.

CME’s Bitcoin futures market now shows an open interest (OI) level of 172,430 BTC. This growth comes primarily from direct market participants, not  futures-based exchange-traded funds (ETFs), signaling a significant commitment from institutional investors.  In the last three trading days alone, OI has grown by 19,120 BTC— the highest 3-day increase since June 2023.

The growth is clearly driven by active/direct market participants – not inflows to futures-based ETFs.

OI within this cohort has surged by 19,120 BTC in the past three trading days.

This is the biggest 3-day growth since June 2023.

Activity is structured around Nov expiry. pic.twitter.com/KO4DD3Pul7

— Vetle Lunde (@VetleLunde) October 16, 2024

Notably, the November…

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