Bitcoin (BTC) futures, offered by global derivatives giant Chicago Mercantile Exchange (CME), are widely known to aid price discovery in the spot market tied to the leading cryptocurrency. New research by McClellan Financial Publication shows sudden spikes in open interest, or the number of active contracts, in these cash-settled futures, hints at trend changes in bitcoin’s price.
Open interest in CME’s standard BTC futures, also known as large futures, has increased by 35% to 19,603 ($3.4 billion) in four weeks, according to CFTC’s Commitment of Traders report. The standard contract is sized at 5 BTC ($173,000) and is considered a bell weather for institutional activity.
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