Coinbase Shares Sink 9% on Report CME to Consider Listing Spot Bitcoin
The stock was the second worst performing among crypto stocks on Thursday.
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CME
The stock was the second worst performing among crypto stocks on Thursday.
The CME is already the top bitcoin futures exchange by open interest, while the offshore, non-regulated Binance dominates the spot market.
The total derivatives trading volume on CME rose 35% in January to $94.9 billion, the highest since October 2021.
Bitcoin futures’ open interest on the Chicago Mercantile Exchange surged to an all-time high Tuesday as institutions piled into the asset, speculating on a spot bitcoin ETF approval.
Bullish bets by institutional investors and knowledgeable market participants have reached an all-time high on the CME, data tracked by MacroMicro show.
(Danny Nelson/CoinDesk)
CME’s rise to the top rank highlights the growing institutional demand for bitcoin, as the venue is almost exclusively used by large traditional financial institutions, one analyst noted.