This week Bitcoin price corrected sharply after rejecting at $10,400 but CME BTC futures data shows institutions remain bullish.
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This week Bitcoin price corrected sharply after rejecting at $10,400 but CME BTC futures data shows institutions remain bullish.
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Looking at the current Bitcoin price momentum, some cautious optimism appears to be warranted. Open interest on CME’s Bitcoin options seems to confirm as much, although no immediate push to $10,000 should be expected. Many people would like to see the value of Bitcoin hit five digits once again. Are Things Looking up for Bitcoin? When that happens, the world’s leading cryptocurrency may slowly begin moving to a new all-time high. If and when such a scenario will unfold exactly, remains to be determined. One factor that might give speculators some hope is the current open interest on CME’s Bitcoin
The post CME’s Open Interest Suggests a Bitcoin Price Jump is Imminent appeared first on The Merkle News.
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On May 29, CME BTC contracts expire, meaning Bitcoin price could experience volatility before and after the expiry.
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CME customers would rather trade cash-backed Bitcoin products at present.
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The Chicago Mercantile Exchange, or CME, recently saw record Bitcoin trading numbers in multiple categories.
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CME Bitcoin options open interest has soared to $142 million in the first half of May, marking an increase of over 10 times the value at the end of last month.
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Bitcoin underwent its third halving and institutional demand continues to be on the rise
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While spot volumes held strong, monthly derivatives trade fell by 25% last month
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Open interest has surged to a $400 million high this month, while institutional traders are increasing their exposure, not trading Bitcoin.
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Bitnomial joins the likes of CME and Bakkt to legally trade BTC derivatives
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