Ahead of Election Night, the number of large reportable CME bitcoin futures traders hit an all-time high


As voters across the U.S. cast their ballots for their future president, CME Group's bitcoin futures market revved up, according to data shared with The Block. 

The market, which launched in 2017, saw overnight trading in the contract hit 6,700 (the equivalent of 33,500 bitcoin in value) — 75% higher relative to the average figure for the year. 

Ahead of the election, the number of large reportable open interest holders — institutional investors who hold an open position of at least five contracts — increased to 102, a 20% increase over October.

As noted by my colleague Ryan Todd, the number of large open interest holders in CME's bitcoin futures is impressive relative to other products.

Here's Todd in a past column explaining the significance of CME's having what was then 74 large open interest holders for its bitcoin futures:

"How big is a product that has 74 total reportable traders? Well, looking at last week's CFTC COT report, 74 total traders for CME bitcoin futures contract means the product had more large reportable traders with open positions than equivalent traders holding CME 3-month SOFR (secured overnight financing rate), CME Brazilian Real contracts, CME Swiss Fran contracts, and CME E-mini S&P400 contracts, just to name a few. Without even looking at open interest and trading, count that as a success in its own right."

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Will Sanctions Drive Russia into the Arms of Cryptocurrencies?

From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC