The demand for Bitcoin from institutional investors has become apparent as the Chicago Mercantile Exchange (CME) Bitcoin futures market has surpassed Binance’s BTC futures market in terms of size. This indicates that institutional investors have strong confidence in Bitcoin’s potential to surpass the $40,000 mark in the near future. CME’s Bitcoin futures open interest currently stands at $4.35 billion, the highest since November 2021 when Bitcoin reached its all-time high of $69,000. This significant growth in CME’s BTC futures open interest is likely tied to the anticipation of the approval of a spot Bitcoin ETF. However, it’s important to note that this growth does not directly correlate with the actions of market makers or issuers. Institutional investors have various options to avoid the high costs associated with futures contracts, such as opting for CME Bitcoin options or regulated ETF and exchange-traded notes (ETN) trading in different regions. The increase in CME’s Bitcoin futures activity is accompanied by a spike in the contracts’ annualized premium, indicating substantial optimism among buyers. However, it’s challenging to determine whether this surge in Bitcoin’s price was driven by the spot market or futures contracts. Traders should look to BTC option markets data for confirmation of heightened interest from institutional investors. The data from BTC options delta skew suggests that institutional investors using CME Bitcoin futures are bullish, casting doubts on the theory of whales accumulating assets ahead of a potential spot ETF approval. Despite the uncertainty, as long as the hope for a spot ETF approval remains a driving force, bulls are likely to continue challenging resistance levels.