The Chicago Mercantile Exchange (CME) is rapidly becoming one of the largest Bitcoin futures exchanges, approaching the top position. According to data from Coinglass, CME has climbed from fourth place to become the second-largest Bitcoin futures exchange, with a notional open interest of $3.54 billion. However, Binance still holds the top spot with an open interest of $3.83 billion. CME's cash-settled futures contracts have also surpassed 100,000 BTC for the first time. Some market observers see CME's rise as a sign of an institutional-led rally. The recent surge in Bitcoin's price is attributed to ongoing macroeconomic uncertainty, optimism surrounding spot ETFs, and retail investors' involvement in futures-based ETFs. Analysts suggest that CME's rise is due to unwinding bearish positions on offshore exchanges rather than long futures positions. The anticipation of a spot ETF approval has also contributed to the increase in Bitcoin's price.
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