Bitcoin [BTC] futures volume and open interest on institutional platforms like CME and Bakkt are at All-Time Highs. The surge began around 27th July with the 11.08% break-out above $11,000.
CME’s contract is 5 BTC notional and frequently large block trades account for a LOT of the volume. This is US institutional chads not retail.
Not only CME, another popular platform for institutional traders, Bakkt Bitcoin futures OI is also at an ATH.
CME is now #3 in terms of largest open interest for #bitcoin
futures, only OKEx and BitMEX are ahead
During extreme euphoric conditions, the OI on BitMEX And Okex have been known to cross $1 billion. Currently, it is less than $700 million. The funding rate for altcoins on BitMEX is, nevertheless, on an over-drive. The funding rate and basis on Okex, however, is less than 1% (positive, nonetheless). Hence, the overall crypto market sentiments seem bullish.

Do you think the crypto market is read for another bull-run? Please share your views with us.