Bitcoin Futures Hit Record Highs as Investor Interest Booms

• CME Bitcoin futures hit new highs as investor interest surges
• Bitcoin whales in deep distribution mode as 15k BTC return to exchanges
• Fitch downgrades US credit rating, Bitcoin peaks to $30k in stable market

Record-Breaking Trading Volume of Bitcoin Futures at CME

Data from The Block reveals that the Bitcoin futures trading volume and open interest on the Chicago Mercantile Exchange (CME) have reached their highest levels for the year. The trading volume for July 2023 reached a remarkable $56 billion, and open interest hit a peak of $2.55 billion. This suggests a significant rise in market participation and investors’ strong interest in Bitcoin futures.

Growing Acceptance and Use in Financial Markets

Additional data from Glassnode shows that the CME’s share of the total futures open interest is currently 18%, just below its highest-recorded share of 23%. This indicates that the CME continues to hold a substantial portion of the overall market share, despite fierce competition in the futures market. These results highlight the growing acceptance and use of Bitcoin futures as an investment tool, potentially indicating a wider trend toward adoption of cryptocurrencies and their derivatives in financial markets.

Bitcoin Holders Resist Exchanges

Insights from data points indicate that bitcoin holders are resisting exchanges as they anticipate potential price surge ahead. Furthermore, NFT gas usage on Ethereum has reached two years low suggesting lesser activity on decentralized applications.

Deep Distribution Mode by Bitcoin Whales

Meanwhile, it was reported that around 15k BTC has returned to exchanges after being distributed by bitcoin whales, which could possibly be indicative of their deeper distribution mode leading up to expected bull run this season.

US Credit Rating Downgrade Affecting Price Surge

Finally, with Fitch’s recent downgrade for US credit rating affecting global markets, it appears like bitcoin has peaked to $30K mark amidst stable market conditions serving as safe haven asset for investors globally