The financial sector is closely monitoring the progress of several spot bitcoin (BTC) exchange-traded funds (ETFs) awaiting regulatory approval. These days, investors are increasingly convinced of the crypto asset’s allure to institutional investors. Mike Novogratz of Galaxy Digital underscored this sentiment in the company’s Q3 earnings call, predicting that “2024 literally is going to be a year of institutional adoption.”#
Overall, the combined crypto futures OI across all trading platforms hit $34.25 billion on Friday, marking a 3.87% increase from the previous day. In light of CME Group surpassing Binance in OI, Bloomberg analyst James Seyffart commented on the development on the social media platform X (formally Twitter).
“Okay this is interesting,” Seyffart posted. “Does this constitute ‘market of significant size’ now? Haha.”
CME Group introduced bitcoin futures on December 18, 2017, during the notable bull run when BTC approached the $20,000 mark for the first time. Prior to CME’s offering, the Chicago Board Options Exchange (Cboe) was the first institutional platform to launch BTC futures. Nevertheless, Cboe ceased issuing new contracts for its cash-settled XBT bitcoin futures in 2019.
