Launch of Proshares and Valkyrie Bitcoin Futures ETFs Stimulates Surge in Futures Open Interest in 2021

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Proshares and Valkyrie launch of Bitcoin Futures ETFs stimulates a surge in futures open interest in 2021. After the October 22 launch of the first bitcoin exchange traded fund (ETF), Bitcoin futures open interest has remained high. Binance is the leader with $5.81 billion, but CME Group has the second-largest bitcoin futures open interest (OI), at $4.1 billion. This represents 16.84% of the total OI.

Top Ten Derivatives platforms command more than 97% of Bitcoin Futures open interest

The market has seen significant action in bitcoin futures since the launch of Valkyrie and Proshares bitcoin futures ETFs. The Valkyrie ETF ( Nasdaq.BTF) was launched and Skew tweeted the CME Group’s bitcoin futures OI hit a new record.

According to stats, the bitcoin futures open interest on all crypto derivatives platforms was $24.32 billion during the first week in November. The top ten platforms that offer bitcoin futures have a combined total of $23.68 billion, or 97% of the OI. Binance, a cryptocurrency trading platform, is the leader for bitcoin futures. It has $73 Billion global volume and is one of 54 crypto markets.

CME Group’s Bitcoin Futures open interest More than 16% of aggregate OI

Binance has 5.81 billion OI, which represents 23.9% of all Bitcoin futures positions. Chicago Mercantile Exchange Group (CME Group), the largest financial derivatives exchange in the world, has 16.84% open interest, or $4.1 billion.

Leaving out Binance and CME Group, the top ten crypto derivatives platforms in terms of bitcoin futures OI include exchanges such as FTX ($3.84B), Bybit ($3.63B), Okex ($2.21B), Deribit ($1.49B), Bitfinex ($827.71M), Bitmex ($752.43M), Bitget ($557.5M), and Huobi ($485.59M).

Bitcoin ETF Markets Follow Spot Market Trends

In terms of crypto derivatives, 627 crypto futures, and perpetuals across the board, FTX holds the second-largest global volume below Binance with $13.4 billion in 24 hours. Furthermore, much like bitcoin’s (BTC) spot market consolidation period, the bitcoin futures ETFs from Proshares (NYSE:BITO) and Valkyrie have followed similar paths.

While BITO swapped at a high of $43.28 in October, shares are currently swapping for $39.30. The exchange-traded fund BTF hit a high of $25.25 but is now changing hands for $24.23.

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