CME open interest reaches new all-time highs

Open interest in CME Bitcoin futures just reached new all time highs, rising to nearly $400 million. The new highs come just weeks after open interest plummeted after the initial wave of the coronavirus sell off in financial markets. Volumes however remain muted on the exchange.

Why it matters:

• CME is the easiest onboard and best gauge of interest in Bitcoin for institutional investors. Recently it was revealed that hedge fund giant Renaissance was permitted to enter into bitcoin futures transactions in their revered Medallion Fund.
• The recent growth far outpaces the rest of the Bitcoin futures market. Although it could potentially be the beneficiary of a low base.