CME Bitcoin Futures Open Interest Up 265% In October, BTC’s Next Test at $90,000

By Bhushan Akolkar
Published October 25, 2021 Updated October 25, 2021
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CME Bitcoin Futures Open Interest Up 265% In October, BTC’s Next Test at $90,000

By Bhushan Akolkar
Published October 25, 2021 Updated October 25, 2021

The world’s largest cryptocurrency Bitcoin (BTC) has been consolidating around $62,000 after last week’s strong rally. The euphoria in the market has been pretty strong following the launch of the ProShares Strategy Bitcoin ETF last week.

Since the Bitcoin ETF tracks the CME Bitcoin futures, the open interest for the CME Bitcoin Futures has surged by $3.95B so far in October. As on-chain data provider Glassnode explains:

Bitcoin open interest in CME futures contracts has increased by $3.95B over the course of October This is in part driven by the introduction of the $BITO ETF product. This represents a 265% growth in open interest since the end of September.

Courtesy: Glassnode

Bitcoin’s Next Test At $90,000

Bitcoin continues to attract heavy institutional interest amid the launch of Bitcoin ETF. Several analysts continue to remain bullish on the Bitcoin story and expect the next rally will take Bitcoin to $90,000 levels.

In a client note last Wednesday, Fundstrat wrote:

“Initial upside targets for Bitcoin above $65,000 lie near $72,500, then $89,000, and thought to be definitely within reach on this breakout of former peaks”.

Fundstrat stated that the last target will be a 100% extension of the rally from last March’s low. Many analysts are already expecting the Bitcoin price to touch $100K levels by the year-end.

Besides, there’s been strong buying and accumulation by bigger investors also dubbed “whales”. Furthermore, PlanB, author of stock-to-flow model also noted that Bitcoin will continue to trade at all-time high levels for a few months from here on.

The world’s largest cryptocurrency is already up more than 45% in the month of October. If Bitcoin continues to resonate with this performance, there is nothing stopping it from gaining higher levels in the coming months. The fourth quarter has been particularly bullish for Bitcoin and the overall crypto space in general.

As of press time, Bitcoin (BTC) is trading 1.29% up at $61,997 with a market cap of $1.169 trillion.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan Akolkar
820 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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