Kofi Mensah The latest data reveals that CME Group continues to hold the lead in the realm of bitcoin futures open interest, boasting an impressive $5.29 billion. This figure puts it slightly ahead of Binance, which shows a substantial $4.65 billion. An extensive examination of 14 different exchanges involved in derivatives trading shows a collective open interest of $40.74 billion as of December 10, 2023.
Escalating Significantly: Surge in CME Group’s Bitcoin Futures Open Interest and the Mysterious $40K ‘CME Gap’
CME Group has persistently held onto its top position in the bitcoin futures open interest market since it first climbed to the forefront in early November 2023. At that time, the Group’s open interest was at $4.06 billion, edging out Binance’s $3.87 billion. By November 10, 2023, the total open interest across all platforms had reached $34.25 billion, a figure that has seen considerable growth since.
Recent data from Coinglass, dated Sunday, December 10, 2023, shows that CME Group recorded an open interest of $5.29 billion, equivalent to 120.54K BTC. Binance trailed slightly with an open interest of 105.74K BTC, or $4.65 billion. Following them are Bybit with $3.39 billion, Okx at $2.08 billion, Bitget with $1.30 billion, and Deribit at $1.24 billion. Collectively, these numbers amount to a total open interest of $40.74 billion across 14 exchanges as of the previous day.
The past 24 hours witnessed about $100.35 million in liquidations, a 40% drop from the day before. In the same timeframe, long positions represented 48.67% of the market, while short positions constituted 51.33%. Despite leading the futures market, CME Group also faces a notable $40,000 gap. This ‘futures gap’ represents the difference in BTC’s price between the closing and reopening of CME’s market, diverging from the continuous pricing on 24/7 crypto exchanges like Binance, Okx, Bybit, and Bitget.
There is ongoing speculation regarding the closure of this gap, which could signal a potential correction in BTC’s price. This theory posits that BTC’s price might adjust to the level it was at when the CME futures market last closed. The probability of this gap closing remains a topic of debate, but past trends and expert analyses suggest a 60-80% chance of these gaps being filled eventually.
What are your views on CME Group overtaking Binance in bitcoin futures open interest? And what about the potential closure of the $40K ‘CME Gap?’ We invite you to share your insights and perspectives on these topics in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Bitcoin Futures Open Interest
What is the Current Status of CME Group in Bitcoin Futures Open Interest?
As of December 10, 2023, CME Group leads in Bitcoin futures open interest with $5.29 billion, slightly ahead of Binance’s $4.65 billion, indicating a strong position in the cryptocurrency derivatives market.
How Does CME Group’s Open Interest Compare to Other Exchanges?
CME Group’s open interest of $5.29 billion, equivalent to 120.54K BTC, tops the list among 14 exchanges offering derivatives, with Binance, Bybit, Okx, Bitget, and Deribit following.
What is the Total Open Interest in Bitcoin Futures Across Exchanges?
As of the latest data on December 10, 2023, the total open interest in Bitcoin futures across 14 exchanges amounted to $40.74 billion, reflecting a significant market depth.
What is the ‘CME Gap’ in Bitcoin Futures and Its Significance?
The ‘CME Gap’ refers to the difference in Bitcoin’s price between the closing and reopening of CME’s market, which differs from continuous trading on 24/7 exchanges. It’s speculated that closing this gap could indicate a potential price correction in Bitcoin.
What Are the Probabilities of the CME Gap Closing?
Historical trends and analyst insights suggest a 60-80% chance of the CME gap closing, a topic that is debated among investors and market watchers for its potential impact on Bitcoin’s price.
More about Bitcoin Futures Open Interest
- CME Group Official Website
- Coinglass Market Data
- Binance Exchange Overview
- Bybit Trading Statistics
- Okx Exchange Information
- Bitget Futures Trading
- Deribit Market Insights
- Cryptocurrency Market Analysis Reports
- Bitcoin Futures Trading Explained
- Understanding the CME Gap in Crypto Markets
5 comments
always cautious about these speculations, market’s unpredictable, especially with bitcoin. gotta do your own research folks.
this CME gap thing, always been a bit skeptical…but hey, 60-80% chance of closing, might be worth watching closely
Good read, but could use more depth on how this impacts average investors, not just the big players.
wow, CME really takin the lead here? thats huge for futures market, Binance gotta step up their game!
interesting analysis, but what about the smaller exchanges? they play a big role too in the market dynamics