Open interest for Bitcoin futures hit record highs at the Chicago Mercantile Exchange. This comes after asset manager ProShares announced it was launching the first-ever US-based BTC futures ETF, with the SEC’s blessing. ProShares ETF, which will debut tomorrow on the New York Stock Exchange, grants investors access to betting on BTC. However, they do not have to own the digital currency.
Furthermore, data from Bybt reveals that the Chicago Mercantile Exchange (CME) is at a record high. The CME currently has $3.56 billion in open BTC futures contracts, more than the previous high of $3.26 billion from February. In addition, the total Open Interest in BTC futures is now over $23 billion, for the first time in five months.
The crypto market has been on a tear, particularly Bitcoin, over the past several days. Bitcoin is on a five-month high, crossing the $62K price level on Friday last week. The leading crypto is now closing in on its previous high of about $65K. Much of Bitcoin’s price surge stemmed from the anticipation of the first US BTC futures ETFs. Furthermore, the ProShares’ ETF launch is widely expected to usher in a wave of similarly-traded products in the US. The SEC is currently mulling over the application of several other ETF hopefuls.
Mainstream ETF adoption in the US is a giant step for digital currencies and would considerably serve towards widespread institutional embrace.
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