Bitcoin (BTC) futures open interest has reached $5.2 billion on the global derivatives giant Chicago Mercantile Exchange (CME), $200 million shy of its late October 2021 all-time high.
Open interest in CME’s Bitcoin futures has grown from $3.63 billion to $5.20 billion over the last 30 days, according to Coinglass data. The open interest surge has run parallel to Bitcoin’s 26% gain over the same time, with Bitcoin currently trading at just over $44,000.
From Oct. 1 to 21, 2021, open interest in CME’s Bitcoin futures surged from $1.46 billion to $5.45 billion.
The rapid uptick in open interest also coincided with a drastic price jump for Bitcoin, which grew from $45,000 to $66,000.
IG Australia analyst Tony Sycamore told Cointelegraph the open interest uptick shows a renewed interest in Bitcoin, but it doesn’t explain how CME traders are positioned.
Sycamore pointed to CME’s Nov. 28 report to the Commodities Futures Trading Commission, which showed the “big players” on its platform were sitting net short at the time, with 20,724 short positions compared to 18,979 longs, Sycamore explained.
Until CME’s latest report comes through on Tuesday, Dec. 12, Sycamore said investors won’t be able to see exactly how the players at CME are positioned.
“What we can’t see right now is whether the big players have gone from a net short to a net long, Sycamore said. “If we saw the market getting extremely long, you’d be very worried about a snapback. The market that we could see last week was short, so I don’t think we’re at that point yet.”
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Author: Tom Mitchelhill
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