CME Outperforms Crypto-Focused Binance Amid Excitement Over Bitcoin ETF

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Last Updated on November 10, 2023 by Bitfinsider

CME Group has surpassed Binance to take the top spot on the list of the world’s largest bitcoin (BTC) futures exchanges for the first time in two years.


According to CoinGlass data, open interest (the number of current contracts) at CME reached $4.07 billion on Thursday, marking a 24.7% share of the whole bitcoin futures market. Binance has a market capitalization of $3.8 billion.
CME is a traditional finance institution established in Chicago that trades financial, commodities, and agricultural futures and options. Its conquest of Binance, a crypto-focused exchange, is poignant.

Wall Street businesses like BlackRock are increasingly shaping the narrative surrounding bitcoin and other cryptocurrencies, for example, by attempting to establish bitcoin and ether (ETH) ETFs in an effort to make crypto trading more accessible to a wider range of consumers. Such financial titans are used to transacting on a highly regulated exchange like CME, as opposed to Binance, which has had run-ins with US regulators.
“As market participants seek regulated venues and highly liquid products to hedge market volatility and manage price exposure, we continue to see increased institutional interest across our crypto suite,” Tim McCourt, CME Group’s global head of financial and OTC products, said. “Market participants view CME Group as a valued source for risk management.”


On Thursday, the crypto market experienced a significant leverage flush-out, resulting in violent price swings. The total amount of bitcoin open interest has decreased by $2 billion from $12 billion. The drop mainly hit Binance traders rather than CME market participants.

On Thursday, bitcoin reached an 18-month high of nearly $38,000 before retracing abruptly to $36,000 following a document revealed the registration of a corporate company called “iShares Ethereum Trust” in the state of Delaware. Before BlackRock, the owner of iShares, filed for a spot BTC exchange-traded fund (ETF) in June, a similar maneuver occurred.

CME’s ascension to the top this year was gradual, but it is an important development since it demonstrates the growing demand from institutional market participants to trade the largest and oldest crypto asset. According to a report issued in 2020 by Bitwise Asset Management, the CME bitcoin futures market consistently and statistically significantly outperforms the spot market.

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