Open Interest in Bitcoin Futures on CME Hits Highest Level in 2 Years

According to CoinGlass, the current amount of Bitcoin futures being traded on the Chicago Mercantile Exchange (CME) has reached $5.2 billion, which is the highest it has been since the end of October 2021.

Over the past month, the open interest in BTC futures on the CME has increased from $3.6 billion to $5.2 billion. This increase reflects the growing interest in Bitcoin as its value has also been on the rise.

On Wednesday, the cryptocurrency tested values above $44,000 for the first time since April of last year. Between October 1 and 21 of 2021, the open interest in Bitcoin futures on the Chicago Exchange skyrocketed from $1.46 billion to $5.45 billion, coinciding with the digital asset’s price surge from $45,000 to $66,000.

Analyst Tony Sycamore from IG Australia pointed out that the renewed positivity in the futures market was driven by improving macroeconomic conditions.

The potential for rate cuts by the Federal Reserve may attract more investment in the technology sector, including cryptocurrencies.