This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Bitcoin futures open interest on CME, a derivatives exchange regulated by the Commodity Futures Trading Commission (CFTC), reached a record high of 118,540 BTC, valued at over $4.42 billion. This surge in open interest suggests increased institutional interest in Bitcoin. Despite a slight decrease the following day, CME remains the largest exchange for Bitcoin futures, surpassing even Binance. Bitcoin prices have been volatile but show an upward trend, with a potential ceiling of $40,000. Institutional interest, particularly in Bitcoin exchange-traded funds (ETFs), is a driving factor behind this upward movement. The CME Bitcoin futures contracts provide a regulated and convenient way for risk-averse institutional investors to gain exposure to Bitcoin. The recent rise in open interest further supports the growing acceptance of Bitcoin as a legitimate asset class, as evidenced by traditional Wall Street firms like BlackRock and Fidelity applying for a spot Bitcoin ETF with the SEC.