Bitcoin Futures Open Interest at All-Time High Ahead Of ProShares US ETF Launch
At the Chicago Mercantile Exchange, open interest in Bitcoin futures reached record levels. After asset manager ProShares had announced that it would launch the first ever US-based Bitcoin futures ETF with the blessing of the SEC, this is a significant milestone. Tomorrow’s debut of the ProShares ETF on the New York Stock Exchange will allow investors to bet on BTC. They don’t have to own the digital currency.
Bybt data also shows that the Chicago Mercantile Exchange’s (CME), is at a record level. CME currently has 3.56 billion open BTC futures contracts. This is more than the previous record of $3.26 trillion from February. The total Open Interest in BTC Futures has risen to $23 billion for the first five months.
Over the last few days, the crypto market, especially Bitcoin, has been on an upward trend. Bitcoin has reached a five-month high and crossed the $62K mark on Friday. Bitcoin is closing in on the $65K mark, which was its previous record. The anticipation of the US BTC futures ETFs was a major factor in Bitcoin’s recent price rise. ProShares’ ETF launch will likely bring about a new wave of similar-traded products in America. The SEC is currently considering several other ETF applications.
Adoption of mainstream ETFs in the US is a huge step forward for digital currencies. It would greatly assist institutional adoption.