Bitcoin Rally Drives Surge in CME Open Positions

The recent surge in the price of Bitcoin has sparked a significant increase in the number of open positions on the Chicago Stock Exchange (CME) . Data from The Block reveals that the number of investors holding at least 25 Bitcoin futures positions has risen from 94 on May 30 to 121 .

This rise in open positions reached its peak at the end of March as it hit 122 . In other words the current figure is approaching the highest level recorded thus far . This rise in the CME market follows the recent rally in cryptocurrencies with Bitcoin leading the way .

BlackRock’s Spot Bitcoin ETF Application Update

The main driver behind Bitcoin’s movement which soared past $ 31,000 recently is believed to be BlackRock’s update to its spot Bitcoin ETF application . BlackRock added a surveillance agreement clause to its ETF application and named Coinbase as the price tracking firm .

While Nasdaq was mentioned as the stock exchange for listing the ETF in the application other spot Bitcoin ETF applicants have signaled their intention to work with the CBOE . Last week the CBOE also updated its ETF applications and incorporated the surveillance agreement clause and announced a collaboration with Coinbase .

Noteworthy SEC Lawsuits

It is worth noting that the Securities and Exchange Commission (SEC) currently has more than one lawsuit involving Coinbase . Despite these legal disputes the collaboration between Coinbase and these ETF applicants is showing growing interest and confidence in the crypto market .

High Open Positions Reflect Strong Demand

Altogether a high level of open positions indicates a corresponding high demand for the financial instrument . The increase in open positions on the CME is a signal of growing interest and participation from investors in Bitcoin futures as the price of Bitcoin continues its upward trajectory

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