The futures positioning on CME shows Bitcoin could still move higher from its current price, says IG Australia analyst Tony Sycamore.
Bitcoin (BTC) futures open interest has reached $5.2 billion on the global derivatives giant Chicago Mercantile Exchange (CME), $200 million shy of its late October 2021 all-time high.
Open interest in CME’s Bitcoin futures has grown from $3.63 billion to $5.20 billion over the last 30 days, according to Coinglass data.
The rapid uptick in open interest also coincided with a drastic price jump for Bitcoin, which grew from $45,000 to $66,000.
IG Australia analyst Tony Sycamore told Cointelegraph the open interest uptick shows a renewed interest in Bitcoin, but it doesn’t explain how CME traders are positioned.
Sycamore pointed to CME’s Nov. 28 report to the Commodities Futures Trading Commission, which showed the “big players” on its platform were sitting net short at the time, with 20,724 short positions compared to 18,979 longs, Sycamore explained.
Until CME’s latest report comes through on Tuesday, Dec.
“What we can’t see right now is whether the big players have gone from a net short to a net long, Sycamore said.
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The massive uptick in Bitcoin’s price is being driven by more than just speculation around the SEC’s potential approval of a roster of spot ETF products, Sycamore added.