The number of open contracts for the CME Bitcoin futures is currently sitting at an all-time high. As the latest cryptocurrency news with official data from the CFTC now show, the number of contracts at the Chicago Mercantile Exchange (CME) and its Bitcoin futures has been continuously growing.
There is data to confirm this, obviously. According to the data released by the United States Commodity Futures Trading Commission (CFTC), the number of open positions for the future contract in the week from May 27 to June 3 is 5,190.
As the data reveals, this is the highest number of open positions for the CME Bitcoin Futures – and a 7% increase over the previous week, as the coming altcoin news show. This could definitely be a sign of increased institutional interest in Bitcoin – which is certainly a continuation of the trend that is lately reported by the Bitcoin futures which also saw record volumes on May 13.
As previously seen, Bitcoin managed to “fill” a gap which was created by the close of the trading period at the end of the week, with a resumption of trade on the following Monday. The large demand in CME Bitcoin futures contracts has proven to create bigger gaps, thereby risking greater draw once the prices correct. The gaps shown on the CME Bitcoin futures daily chart for May 17 and May 31 have provided a great example for this.
On May 17th, the spot price of Bitcoin dropped to as low as $6,600 before the increased buying pressure pushed the prices back above $7,300 – which completed the 11.74% gap which was left in the futures market four days prior.
What’s interesting is the fact that the CME Bitcoin futures were also expected to hit new heights in May this year. According to reports shared by many best cryptocurrency news sites, CME purportedly revealed that the average daily Bitcoin futures trading volume has hit a new high of 14,000 contracts in May this year.
Meanwhile, it seems like an unnamed official recently revealed that the CFTC is open to the idea of Ether (ETH) futures trading, if the product meets the various requirements set by CFTC.
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