CME Bitcoin futures hit record high, but uncertainty looms above $36K
CME Bitcoin futures hit a 2-year high, but options market data reflects investors’ hesitancy. Bitcoin (BTC) futures open interest at the Chicago Mercantile Exchange (CME) hit an all-time high of $3.65 billion on November 1. This metric considers the value of every contract in play for the remaining calendar months, where buyers (longs) and sellers (shorts) are continually matched. Bullish momentum on CME Bitcoin futures, but cautious BTC options markets The number of active large holders surged to a record 122 during the week of Oct. 31, signaling a growing institutional interest in Bitcoin. Notably, the Bitcoin CME futures premium reached its highest level in over two years. In neutral markets, the annualized premium typically falls within the 5% to 10% range. However, the latest 15% premium for CME Bitcoin futures stands out, indicating a strong demand for long positions. This also raises concerns as some may be relying on the approval of a spot Bitcoin exchange-traded futures ...