Binance and CME are in a neck-and-neck race for dominance in Bitcoin futures – CryptoSlate


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The global crypto market cap is $1.28 trillion with a 24-hour volume of $38.25 billion. The price of Bitcoin is $34,466.47 and BTC market dominance is 52.8%. The price of Ethereum is $1,805.37 and ETH market dominance is 17.0%. The best performing cryptoasset sector is eCommerce, which gained 19%.
A tight race is unfolding in the Bitcoin futures market between Binance and CME.
The dynamics of Bitcoin futures open interest unveils an intriguing interplay between major exchange platforms, Binance and CME. The former, a global cryptocurrency exchange with a wide reach, currently holds a slightly larger piece of the pie at just over 28%. CME, primarily known for institutional trading, accounts for 26% of all futures open interest.
In numeric terms, the total amount invested in open futures contracts equates to 400,000 Bitcoin. Of this, CME has recently reached new heights, with 103,075 Bitcoin in open interest. Meanwhile, Binance maintains a lead, albeit a narrow one, with 113,419 Bitcoin. The small difference between the two exchanges portrays tight competition within the cryptocurrency futures market.
This analysis underpins the evolving dynamics of the cryptocurrency market as more institutional traders get involved. The tight gap between Binance and CME could reflect increasing institutional interest in Bitcoin futures, a significant shift from the previously retail-driven market.
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.
In this market report, we explore how Bitcoin’s decoupling from traditional financial benchmarks like the S&P 500 and gold could signal a new era of investment diversification.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
CME Group is a global markets company empowering participants to efficiently manage risk and capture opportunities in every major asset class..
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