- The demand for Bitcoin futures on CME has surpassed the world’s largest crypto exchange, Binance, for the first time since this month, reaching levels above May 2022.
- Retail and institutional investors now have more confidence in Bitcoin reaching $40,000 and closing the year around $45,000.
- BTC price increased by 2% in the last 24 hours and is currently trading at $37,720. The 24-hour low and high prices are $37,369 and $38,415, respectively.
Following the rally in Bitcoin’s price, attention has been drawn to the demand and premium prices observed in CME Bitcoin futures: CME data!
Strong Demand in CME Bitcoin Futures
Bitcoin’s price, which has been strongly resisted by Bitcoin bulls this month and has increased on CME, surpassing the world’s largest crypto exchange Binance for the first time since this month, has now risen above the May 2022 level, indicating significant demand from institutional investors. CME Bitcoin futures are now turning bullish for a rally above $40,000.
Bitcoin bulls continue to push the BTC price higher as market sentiment improves after the monthly options delivery. Retail and institutional investors now have more confidence in Bitcoin reaching $40,000 and closing the year around $45,000.
The CME Front Contract Premium percentage reached an all-time high in a positive sentiment environment. CME Bitcoin futures traded at $39,300 at one point in the last 24 hours, almost $1,000 above the spot price. This occurred in an environment where futures and options traders are bullish on Bitcoin.
The improving market and bullish sentiment for institutional investors’ ETFs, such as ProShares’ BITO, which invest in Bitcoin futures listed on CME, contribute to the premium. Meanwhile, the CME Bitcoin Futures Open Interest Market Share Percentage has also increased, approaching almost 30%. This comes after Binance and former CEO CZ accepted federal charges and reached a $4.3 billion settlement with U.S. authorities.
Additionally, it indicates that institutional investors are bullish and continue to bet on Bitcoin. Crypto fund inflows have increased significantly in the past few weeks, and Bitcoin has propelled the crypto market to a higher level.
BTC Price Gains Strength
BTC price increased by 2% in the last 24 hours and is currently trading at $37,720. The 24-hour low and high prices are $37,369 and $38,415, respectively. Also, the trading volume has increased by 70% in the last 24 hours, indicating an increase in trader interest.
This increase is attributed to various factors, with a significant contribution from the largest 100 Tether (USDT) address, adding a total of $1.67 billion in the last six months. This confirms an upcoming rally supported by positive sentiment and high trading volume. Matrixport research predicts that the Bitcoin price will reach $45,000 in 2023 and $125,000 in December 2024, following a significant halving rally.
