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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Bitcoin CME Open Interest Grows 3000% Since Start of May, But What’s Behind The Surge?

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
3 mins read
bitcoin cme futures open interest

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Bitcoin futures open interest over at the Chicago Merchantile Exchange, better known as CME, has surged by 3,000% since the start of May 2020.

What’s fueling the sudden spike in interest in the first-ever cryptocurrency and can it continue into the future?

Bitcoin CME Futures Open Interest Grows By 3,000% in May 2020 Alone

The arrival of Bitcoin futures trading coinciding with a mainstream media blitz, retail FOMO, and the promise of free coins from a hard fork created the perfect storm for the first-ever cryptocurrency to reach its all-time high of $20,000 and put the asset class on the map.

The Chicago Merchantile Exchange first listed its cash-settled Bitcoin futures product on December 18, 2017, marking the top of the rally and a record high that has never been retested even after nearly three years of price action.

Related Reading | Bullish For Crypto: CME Bitcoin Futures Open Interest Growth On Pace To Rival BitMEX 

CME Group’s Leo Melamed, a senior executive at the institution focused trading desk, claimed that its new product would “tame Bitcoin.”

Tame Bitcoin it did. Since its debut, Bitcoin price has been in a bear market since. Shortly after the debut, interest in futures began to dwindle, to the point where another major futures platform that helped inflate the 2017 bubble, the Chicago Board Options Exchange (CBOE) did away with the contract completely.

CME Group kept its running, and it has recently picked up in interest once again, surging by as much as 3,000% in May 2020 alone, according to data from Arcane Research in partnership with Skew analytics.

bitcoin cme open interest

Speculation Surges Amidst The Halving, But Lack Of Decision Keeps OI High

But why are CME traders suddenly showing such remarkable interest in Bitcoin again?

The surge occurring during the month of May 2020, almost certainly indicates that the boost in futures interest was driven by speculators positions themselves related to the halving.

It’s long been speculated that the halving would result in a powerful uptrend in Bitcoin, but a miner capitulation driven selloff couldn’t be ruled out.

A large move either way was expected, but thus far, Bitcoin price has mostly been trending sideways. Some industry experts called for such conditions, as the diminished supply was offset by an increase in miners selling.

Related Reading | Bitcoin Miner Capitulation Reaches Black Thursday Levels, Is A Severe Selloff Looming? 

It’s when miners are done capitulating that the network is then cleansed, and an uptrend can begin.

The lack of an explosive move to either side has left traders scratching their heads, and open interest piling on.

An eventual break will result in fireworks, according to volatility reaching historical lows as indicated by Bollinger Band Width and correlation metrics with the Nadsaq composite index.

When the break does occur, one side of the herd will get crushed, while the other’s profit. The resulting move, whatever it is, will hopefully be enough to keep open interest strong on CME thereafter.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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