THELOGICALINDIAN - Open Interest for Bitcoin futures is at almanac highs on the Chicago Mercantile Exchange The aboriginal Bitcoin futures ETF is accepted to barrage on the New York Stock Exchange tomorrow
Open absorption in Bitcoin futures has hit an best aerial on the Chicago Mercantile Exchange. ProShares is due to account the aboriginal Bitcoin futures ETF on the New York Stock Exchange tomorrow.
Bitcoin Market Awaits ETF Launch
Leverage in the Bitcoin bazaar is bit-by-bit up to new highs.
Data from Bybt shows that Chicago Mercantile Exchange (CME), has recorded a almanac aerial of $3.56 billion in accessible Bitcoin futures contracts, before the antecedent aerial of $3.26 billion recorded in February 2021.
The absolute Open Interest in Bitcoin futures has additionally beyond $23 billion for the aboriginal time in bristles months.
Open Interest is apparent to represent new money entering the market. Sentiment in the crypto bazaar has been benumbed aerial for several weeks, fueled by rumors that the aboriginal Bitcoin-based ETF would anon be ablution in the U.S. Though the SEC has ahead alone all Bitcoin ETF applications, the agency’s administrator Gary Gensler has been added accessible against accepting a Bitcoin futures fund. The SEC has accustomed ProShares’ appliance for a Bitcoin futures ETF, with a accommodation on several added applications due this month. ProShares will reportedly activate alms its ETF on the New York Stock Exchange Tuesday.
A Bitcoin-related ETF provides institutions with a way to accretion acknowledgment to Bitcoin after captivation the basal asset. Crypto enthusiasts accept advancing an ETF as a above anniversary that could conductor in institutional acceptance for several years.
Positive affect has hit the crypto bazaar amidst the fizz surrounding the aboriginal ETF, not atomic Bitcoin. The arch crypto is trading at $61,100—around 5.6% abbreviate of its best aerial price.
