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

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

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.

What do you think about the bitcoin futures action during the last few weeks following the ETF launches? Let us know what you think about this subject in the comment section below.

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