A new high of 78% YOY has been achieved by CME Bitcoin institutional interest.
The figure of BTC 1 contracts has substantially peaked over 240 million $. It equals 26.545 BTC, which has shown a significant increase of 80% when compared to data of previous years June. The rising curve behind BTC open interest is the outcome of an increasing number of institutional investments spawning int the market over the last quarter. It is very likely considering the significant developments that took place in crypto space throughout the last couple of months.
The reign of retail investors
Bitcoin’s spike to $9k mark and Facebook coming into the space of blockchain space along with fidelity launching the crypto custodian facility are few of the developments that are the reason behind this positive impact. For years, retail investors have driven the crypto marketplace. There was an atmosphere of un-regulation which was lacking the legitimacy that could bring in big players from the financial realms. However, the reputation of Bitcoin as a decentralized value store has become prominent as we can witness a new air of capital circulates the market, especially from funds, offices, and financial organizations.
The institutions have developed the essential protection required for consumers; they have come up with financial products that have bridged the space with traditional finance, which in turn has maximized bitcoin’s adoption by the mainstream.
Contracts to impact Bitcoin prices
The last couple of weeks have witnessed bitcoin's hot streak to new YTD spikes which has resulted in squeezes across bitmex and bitfinex. The drastic effect of these squashes on the price of Bitcoin is the catalyst for the latest highs. These lengthy squashes also impact negatively mainly on the price. The traders have been forced to liquefy their respective positions after a steep price fall.
The CME gaps played a significant role in making essential price movements. The 580$ crash last month and 340$ pump previous week were some notable instances. The gaps will be exaggerating soon the institutional players arrive in the scene. Institutional investment has been a boon to the crypto market but is likely to cause a large number of CME gaps.
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