Bitcoin: Institutional Pushers | Data from CME

There is something “anomalous” about Bitcoin’s latest portrayal, which describes an important reality that we need to understand.

Today’s topic is this: Who is really pushing the price of Bitcoin? Trading and purchasing data place, that is, those who exchange money for real $BTC are still at a standstill, and still very uninspiring. There has been a slight recovery according to some statistics compared to of the futurealthough many published data do not take into account what is happening in the market Prince of these products for several days.

In short, and then we go deeper: Bitcoin derivatives open interest continues to rise on CME, Chicago Mercantile Exchangea market that is not a exchange, but a financial salon that focuses on these products, even with “classic” fundamental instruments. This has precise implications for what’s happening on Bitcoin – and that’s what we’re going to tell you about in this in-depth analysis.

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CME is the new king of Bitcoin derivatives

CME was also on top Binance meaning Open interesta question that reminds us how things are radically changing in the world Bitcoin.

Coinglass data

What is open interest? It is a calculation of how many open positions there are in terms of derivatives in a certain market and in a certain place. CME has recently been on top Binancewithin this particular ranking, and it is a signal that we must be prepared to interpret in order to understand why the Bitcoin market is so buoyant, even in spite of very low spot volumes.

CME is not a market like others: it is a market that gathers more sophisticated investors than those from crypto exchange, investors who are all or almost all institutional. The reading we can interpret this data is that these are the ones giving Bitcoin a boost, on the wave of enthusiasm that has been triggered by the next (and almost certain) arrivalSpot Bitcoin ETF.

The situation, therefore, is different from the one that happened during other races Bitcoin and which speaks of a market deeply distant from the last one bull season.

Why might this be a good sign?

Because this means that historical investors in the crypto and Bitcoin world, small traders and those who are mainly concentrated in their activities in this market, have not yet managed to ride this wave.

And so there could be additional room for the price to chase its all-time highs, although the issue could take longer than many expected. The data that needs to be obtained is that in any case we are faced with a situation of strong anomaly compared to the historical one.

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