CME New Bitcoin Futures (ETF) Growth Support Sustained Rally
- CME Exchanges shows a double-digit growth over the past two weeks.
- The wider trend supports the bitcoin futures (ETF).
- CME Group will have bitcoin futures open interest (OI) contracts at the CME platform.
The CME exchange shows a double-digit growth on key metrics over the past two weeks’ signals. In addition, a wider trend is supporting bitcoin futures following the SEC action that allowed the first from several bitcoin ETFs based on the CME platform.
A statement from the Fundstrat Global Advisors co-founder Tom Lee says:
The new bitcoin ETF will allow more people to allocate to crypto. However, some consider that the run-up in bitcoin’s price is already reducing this approval. To an extent, this is probably true since Bitcoin has grown to near all-time highs in the past few weeks. But in our belief, the price of Bitcoin will continue to grow, well following the actual approval of the ETF.
In addition, the ten business traders acquiring bitcoin futures in large amounts at the Chicago-based CME Group are rising to look like a trend. Moreover, CME Group will have bitcoin futures open interest (OI) contracts at the CME platform.
As a result, the number of participating large traders is now broader. In addition, any retail investors involved at the CME must change calmly into the ongoing bitcoin rally.
However, they haven’t yet caught on to what institutional traders are doing. Although, local investors will possibly come around in due time, as it becomes clear that the current rally can sustain gains above last April’s high.
Read more: https://coinquora.com/cme-new-bitcoin-futures-etf-growth-support-sustained-rally/
Text source: News – CoinQuora – Latest Cryptocurrency and Block
