The leading and most diverse derivatives marketplace CME Group has surpassed Binance and BitMEX to become the second-largest Bitcoin futures exchange.
According to the October 25 analysis, the number of open interest contracts on CME surged to $790 million. Whereas Binance and BitMEX recorded $718 million and $601 million, respectively. Open interest is the amount of futures contracts held by market members at the end of the trading day. It is utilized as an indicator to define market sentiment and the strength behind price trends.
The growing trend of CME reveals that institutional investors are gathering to CME instead of crypto derivatives exchanges like BitMEX and Binance. As for now, BitMEX is countering legal law with the U.S. regulatory, which has charged the exchange for violating anti-money laundering laws.
Amid Investigation, OKEx Leads the Bitcoin Futures Trading
On October 16, Chinese police had started an inquiry associated with crypto exchange OKEx, pushing one of the world’s major BTC trading platforms to halt crypto withdrawal service.
However, OKEx has received 1,995 BTC from Houbi despite suspended crypto withdrawals, as reported earlier. Based on data from Whale Alert, two transactions were recorded to complete the transfer. At first, 998 BTC were deposited. Later, 997 BTC were sent.
While responding to transfer, an OKEx spokesperson noted, “OKEx’s wallet team has confirmed that the origin wallet addresses in said transactions do not belong to OKEx. The chief economist at major blockchain analytics firm Chainalysis also confirmed in a tweet today that the transactions in question had been ‘mislabelled’ and were not in fact from OKEx.”
Even after a legal investigation, OKEx drives the bitcoin futures trading platform in terms of open interest. Yesterday, OKEx open interest recorded the highest spike of $992 million.