RATE Group | Bitcoin Breaches $9.2K as Open Positions on CME Futures Hit 10-Month High
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Bitcoin Breaches $9.2K as Open Positions on CME Futures Hit 10-Month High

06 May Bitcoin Breaches $9.2K as Open Positions on CME Futures Hit 10-Month High

Posted at 14:18h in Bitcoin News by

Bitcoin is quickly gathering upward momentum alongside a surge in open positions on futures listed on the Chicago Mercantile Exchange (CME). 

The top cryptocurrency by market value jumped to a high of $9,220 at 10:20 UTC on Wednesday, having settled (UTC) above $9,000 on Tuesday to register its first above-$9,000 daily close in two months.

Meanwhile, open interest – or the number of futures contracts outstanding on the CME – rose to $351 million on Tuesday, the highest level since July 10, 2019, according to the data provided by crypto derivatives research firm Skew. 

skew_cme_bitcoin_futures__total_open_interest__volumes_-3-1
Source: Skew

Open interest hit a bottom of $107 million on March 12, when bitcoin’s price fell by over 40% amid the coronavirus-led crash in the traditional markets. Since then, open positions have risen by 228%. 

“The uptick in the CME open interest is indicative of professional traders returning to the bitcoin market,” noted analytics resource Arcane Research in its monthly report. CME open interest is widely…

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