The Chicago Mercantile Exchange (CME) has, on Tuesday, become the largest Bitcoin futures exchange by a number of open contracts, as the interest in Bitcoin coming from traditional institutions continues to grow.
Open interest on the CME, therefore, now stands at $1.66 billion, which represents the highest among the major derivatives exchanges among which are OKEx, Binance and Bybit, CME now accounts for 18.1% of the total global open interest that represents a value of around $9.18 billion.
The rise in the open interest, or the value of outstanding derivative contracts that are yet to be settled, means that more money is flowing in the market, and traders expect a near-term rise in Bitcoin's volatility.
At 9:59 am ET, Bitcoin was down by 2.16% to $26,644.31
