Chicago Mercantile Exchange (CME) has taken the prime spot on the list of the biggest bitcoin futures trading platforms, indicating a continued rise in institutional participation.
- With an open interest of $2.1 billion, the CME accounted for 19.09% of the global tally of $11 billion on Wednesday â€“ the highest among major exchanges tracked by Skew, a crypto derivatives research firm.
- OKEx was the second-biggest exchange with an open interest of $1.97 billion, while Binance, the word’s biggest crypto spot exchange by trading volume, ranked third with $1.82 billion.
- Open interest refers to the number of contracts traded but not squared off with an offsetting position.
- Looking back a year, the size of the futures market was quite small. Global open interest stood at $3 billion on Jan. 7, 2020, of which, the CME contributed just 7% or $224 million.
- The CME has steadily climbed ranks over the past 12 months and more so over the past three months alongside bitcoin’s meteoric price rally from $10,000 to record highs above $37,000.
- The exchange is considered synonymous with institutional trading, as they prefer to tradeÂ futures of any product via an established and regulated exchange like the CME.