Bitcoin Futures Surge at CME Despite Price Drop, Whales Stay Bullish

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Rising Open Interest in Bitcoin Draws Attention

Since mid-October, open interest in BTC futures has increased by 86% at global derivatives giant CME. CME recently overtook Binance as the largest Bitcoin futures exchange. As the Bitcoin price continued to fall below the $37,000 mark, Bitcoin whales increased their long positions compared to small investors.

Bitcoin Price Drop and Liquidations

On November 26, Bitcoin slipped further below the $37,000 mark as traders liquidated their assets and exerted selling pressure on the cryptocurrency. The world’s largest digital asset had reached the $38,000 mark before the weekend, which may have prompted traders to realize profits. With the price drop, bullish traders with leverage felt the pressure. In the last 24 hours, more than $76 million in BTC long positions were taken off the market, according to data from Coinglass. This represents 73% of all liquidations during this period.

CME Open Interest Hits New High

Despite occasional setbacks, the Bitcoin market is largely optimistic in terms of short to medium term prospects. The derivatives market has seen significant capital inflows in recent months. The open interest (OI) in BTC futures at the Chicago Mercantile Exchange (CME) hit a new high of $4.4 billion at the time of writing. With a market share of 26%, CME is now the largest Bitcoin futures exchange and has recently knocked Binance [BNB] off the throne.

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Whales Bullish on BTC?

The activity of Bitcoin whales serves as another important indicator of Bitcoin optimism. AMBCrypto noted positive values of the Whale vs. Retail Delta Indicator from Hyblock Capital. This suggests that whales are opening more long positions compared to small investors. Crypto whales, as experienced players in the game, inevitably influence asset prices through their trading tactics. Therefore, experts tend to attribute higher value to their market movements.

Sources: AMBCrypto, CoinMarketCap, Coinglass, Hyblock Capital.

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