The amount of open long bitcoin positions on CME doubled in October

CME registers a growing interest in bitcoin derivatives.
BTC/USD is locked in a range from the long-term perspective.

Tanya Abrosimova Independent Analyst

Traders doubled the amount of open long positions on bitcoin futures from 500 BTC to over 1000 BTC on the Chicago Mercantile Exchange (CME) in October.

In September, this figure reached 1300 BTC but is decreased after the Bakkt launch.

Earlier, CME reported a significant increase in large players' interest in bitcoin futures during the third quarter. The number of open contracts exceeded the figure of the same period last year by 61%.

Notably, Grayscale Investments reported that in the third quarter, 84% of new investments in its crypto funds came from hedge funds and other institutional investors, like pension funds, insurance companies and portfolio managers among others.

Bitcoin price prediction: CME Bitcoin futures volume soars as BTC/USD price drifts at $8,200 – Confluence Detector

Institutional interest has long been touted as a precondition for a strong bitcoin rally. However, the first cryptocurrency has been trading in a range for the best part of the month. BTC/USD hit October's high at $8,840, the lowest level of the month is registered at $7,786. At the time of writing, BTC/USD is changing hands at $7,955, down 2.66% on a day-to-day basis.

Author

Tanya Abrosimova

Independent Analyst

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