CME Group Dominates Bitcoin Futures Open Interest Amidst Speculations of $40K Gap Closing

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Recent data indicates that CME Group maintains its top position in bitcoin futures open interest, holding $5.29 billion, followed closely by Binance with $4.65 billion. A comprehensive analysis of 14 distinct exchanges offering derivatives reveals a combined open interest totaling $40.74 billion as of Dec. 10, 2023.

Rising High: CME Bitcoin Futures Open Interest Surges and the Enigmatic $40K ‘CME Gap’

Continuing its dominance in bitcoin futures open interest (OI), CME Group has maintained its leading position since ascending to the top in the second week of November 2023. Back then, CME Group’s OI stood at $4.06 billion, surpassing Binance, which logged $3.87 billion. On November 10, 2023, the aggregate open interest amounted to $34.25 billion. Presently, these figures have significantly increased.

Coinglass data from Sunday, Dec. 10, 2023, reveals that CME Group registered an open interest (OI) of $5.29 billion, equivalent to 120.54K BTC. In comparison, Binance recorded 105.74K BTC, or $4.65 billion. Bybit’s OI stands at $3.39 billion, while Okx reports $2.08 billion, Bitget at $1.30 billion, and Deribit at $1.24 billion. Overall, these figures contribute to a total of $40.74 billion in OI across 14 exchanges in the previous day.

In the last 24 hours, about $100.35 million was liquidated, marking a 40% decrease from the previous day’s totals. During the same period, long positions accounted for 48.67%, while short positions made up 51.33%. Even as CME Group leads the futures market, it also has a notable gap at the $40,000 mark. This “futures gap” is the difference between BTC’s price at the close and reopening of CME’s market, a variance from the ongoing prices on 24/7 native crypto exchanges like Binance, Okx, Bybit, and Bitget.

There’s speculation that this gap might close, indicating a potential correction for BTC. This theory suggests that BTC’s price might realign to the level it was when the CME futures market closed. The likelihood of the CME gap filling is a subject of ongoing debate, but historical trends and analyst insights suggest a 60-80% chance of these gaps eventually closing.

What do you think about CME Group surpassing Binance in terms of bitcoin futures open interest? What are your thoughts about the $40K ‘CME Gap?’ Share your thoughts and opinions about this subject in the comments section below.