Cryptocurrency
Open Interest in CME Bitcoin Futures Slides as Market Sapped by Surging DeFi
Open Interest in CME Bitcoin Futures Slides as Market Sapped by Surging DeFi: CoinDesk reports, “Bitcoin futures listed on the Chicago Mercantile Exchange (CME) have lost their shine in recent weeks, and that’s in part due to explosive growth in decentralized finance (DeFi), an analyst says. According to data source Skew, open interest or open positions […]
By Chris Sykora · October 5, 2020
Open Interest in CME Bitcoin Futures Slides as Market Sapped by Surging DeFi:
CoinDesk reports, “Bitcoin futures listed on the Chicago Mercantile Exchange (CME) have lost their shine in recent weeks, and that’s in part due to explosive growth in decentralized finance (DeFi), an analyst says.
- According to data source Skew, open interest or open positions in CME bitcoin futures fell to $345 million on Friday – the lowest level since May 4. The CME is considered synonymous with institutional activity.
- Open interest is down nearly 64% from the record high of $948 million on Aug. 17. On the same day, bitcoin’s price clocked a 12-month high of $12,476.
- Open position in bitcoin futures across all cryptocurrency exchanges stood at $3.6 billion on Friday, having peaked at $5.7 billion on Aug. 17.
- While futures open interest has subsided, the total value locked into the DeFi platforms has nearly tripled to $10.9 billion over the past two months, according to data provider DeFi Pulse…”