Ahead of Election Night, the number of large reportable CME bitcoin futures traders hit an all-time high
As voters across the U.S. cast their ballots for their future president, CME Group’s bitcoin futures market revved up, according to data shared with The Block.
The market, which launched in 2017, saw overnight trading in the contract hit 6,700 (the equivalent of 33,500 bitcoin in value) — 75% higher relative to the average figure for the year.
Ahead of the election, the number of large reportable open interest holders — institutional investors who hold an open position of at least five contracts — increased to 102, a 20% increase over October.
As noted by my colleague Ryan Todd, the number of large open interest holders in CME’s bitcoin futures is impressive relative to other products.
Here’s Todd in a past column explaining the significance of CME’s having what was then 74 large open interest holders for its bitcoin futures:
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Author: Frank Chaparro