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BTC Futures Open Interest Continues to Rise Following Bitcoin ETF Listings Last Month

news.bitcoin.com 05 November 2021 14:22, UTC
Reading time: ~2 m

Bitcoin futures open interest continues to remain high after the launch of the first bitcoin exchange-traded fund (ETF) on October 22. While Binance commands $5.81 billion and leads the pack, CME Group holds the second-largest position in terms of bitcoin futures open interest (OI) with $4.1 billion or 16.84% of the aggregate OI.

Top Ten Derivatives Platforms Command More Than 97% of Bitcoin Futures Open Interest

Bitcoin derivatives have swelled quite a bit in recent times, and following the launch of the Proshares and Valkyrie bitcoin futures ETFs, bitcoin futures have seen significant market action. After Valkyrie’s ETF (Nasdaq:BTF) launched, the analytics group Skew tweeted that CME Group’s bitcoin futures OI reached a new all-time high.

During the first week of November, bitcoin futures open interest across all the crypto derivatives platforms is $24.32 billion according to coinglass.com statistics. The top ten derivatives platforms offering bitcoin futures command $23.68 billion or more than 97% of the OI. The cryptocurrency trading platform Binance is the leader in terms of bitcoin futures with $73 billion in global volume among 54 different crypto markets.

CME Group’s Bitcoin Futures Open Interest More Than 16% of Aggregate OI

In terms of bitcoin futures, Binance holds 5.81 billion in OI which accounts for 23.9% of all the BTC futures positions. Meanwhile, the world’s largest financial derivatives exchange, Chicago Mercantile Exchange (CME) Group, captures 16.84% or $4.1 billion in open interest.

Leaving out Binance and CME Group, the top ten crypto derivatives platforms in terms of bitcoin futures OI include exchanges such as FTX ($3.84B), Bybit ($3.63B), Okex ($2.21B), Deribit ($1.49B), Bitfinex ($827.71M), Bitmex ($752.43M), Bitget ($557.5M), and Huobi ($485.59M).

Bitcoin ETF Markets Follow Spot Market Trends

In terms of crypto derivatives, 627 crypto futures, and perpetuals across the board, FTX holds the second-largest global volume below Binance with $13.4 billion in 24 hours. Furthermore, much like bitcoin’s (BTC) spot market consolidation period, the bitcoin futures ETFs from Proshares (NYSE:BITO) and Valkyrie have followed similar paths.

While BITO swapped at a high of $43.28 in October, shares are currently swapping for $39.30. The exchange-traded fund BTF hit a high of $25.25 but is now changing hands for $24.23.

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