The Chicago Mercantile Exchange (CME) has taken over Binance as the largest Bitcoin futures exchange, indicating a growing demand from institutional traders. This is the first time in two years that CME has claimed the top spot, with an open interest of approximately $4.07 billion and a market share of 24.7%. Binance, on the other hand, experienced a decline in open interest to $3.8 billion. The reshuffling of rankings occurred due to a major leverage flush out in the crypto market and the volatility caused by wild price swings. CME's growing market share reflects the increasing interest from institutional market participants. It is worth noting that CME recently rose to become the second-largest Bitcoin futures exchange just 10 days ago. The recent surge in prices is likely due to a short squeeze and a reduction in aggregate open interest.
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