Gabor Gurbac says that CME could soon take one of the largest open interest positions in Bitcoin futures. This would place them next to the leading cryptocurrency exchange, Binance.
As reported by Gurbac, “CME is about to turn Binance into the second largest exchange in terms of BTC futures open interest. Using a series of posts on X(former Twitter), Gurbac noted increased BTC’s future genuine interest in CME regarding Binance.
CME is about to flip Binance as the largest exchange with respect to Bitcoin futures open interest. Institutions are here… and it's just getting started. The physical markets will catch up. pic.twitter.com/uPY0HRsoso
— Gabor Gurbacs (@gaborgurbacs) October 30, 2023
Therefore, CME has a total O.I. of 103.23kBTC, whereas Binance has a full O.I. of 111.23kBTC. Gurbac points to the small gap in the pair as a sign that other markets may also catch up, and institutions are here. It is just beginning. They will eventually catch up with the physical world.
As per this article, the price of BTC is approximately $34,502 at present. Gurbac, recollecting VanEck’s first-ever bitcoin futures ETF, had a hard time explaining it to U.S. regulators.
Gurbac recalls filing for VanEck’s first-ever Bitcoin futures ETF as needing help explaining it to United States regulators.
I’ll never forget the ~30 regulators at the SEC probably thinking I was high.
This clearly shows why the institutional interest in bitcoin futures is increasing. However, one should be aware of the macro-health of the secondary market and the effects thereon for the price discovery framework.
Spot Bitcoin ETF Approval: Crypto Market Insights
In addition, there is a lot of buzz about allowing a spot Bitcoin ETF in the U.S. recently within the crypto market. According to Vetle Lunde, a senior analyst working for K33 research, investors need to grab Bitcoin while the uncertainty regarding approval decisions lasts.
I am certain that the market is mistaken. Indeed, this does look like a buyer’s market, which is why no one should refrain from the accumulation of Bitcoin coins currently.
Related Reading | KBank Of Thailand Acquires Satang Crypto Exchange
In its latest research, approximately 64 percent of prospective investors planned for long-term possession of bitcoin with expectations that it would result in spot bitcoin ETF. However, Some analysts believe that approving a spot ETF for Bitcoin will make the situation favorable for investors.