CME Group sees a new all-time high for combined Bitcoin derivatives open interest, with options driving the momentum.
Bitcoin (BTC) options continue to see record open interest this week with a $1 billion expiration just one day away.
According to data from on-chain analytics tool Glassnode and others, demand for options continues to underscore the uncertain market mood.
CME Bitcoin futures open interest beats record
On June 25, open interest in Deribit Bitcoin futures hit three-month highs of $98 million, while options open interest now stands at $1.2 billion.
The overall derivatives gains have been broadly driven by options demand — something that speaks to investors’ confidence in the Bitcoin price trajectory for the rest of 2020.
As Cointelegraph reported last month, when downward price pressure characterized BTC/USD in a similar way to current conditions, options data showed just a 9% chance of all-time highs of $20,000 returning this year.
Nonetheless, futures are booming — CME Group likewise posted record open interest for its futures and options on Wednesday.
“The total open interest for bitcoin derivatives on CME (futures + options) just reached a new all-time high.