With its strong performance this month, the price of Bitcoin has surpassed $38,000 for the first time since May 2022. The increase in Bitcoin futures on CME, surpassing Binance and indicating strong demand from institutional investors, continues. CME Bitcoin futures are now aiming for a rally above $40,000.
As the expiration date of monthly options approaches, market sensitivity increases, and Bitcoin bulls continue to push up the price of the largest cryptocurrency. Both individual and institutional investors are more confident that Bitcoin will close the year around $45,000.
Pre-contract premiums for CME, thanks to positive market sentiment, have reached the highest level ever as a percentage compared to the spot market in major cryptocurrency exchanges such as Coinbase. CME Bitcoin futures traded at $39,300, with a positive premium compared to the spot price and a level almost $1,000 higher. Futures and options traders also continue the upward trend in Bitcoin.
The improving market sensitivity and the inclination of institutional investors towards bulls contribute to the increase in premiums, especially with ProShares’ Bitcoin futures listed on CME. Additionally, after former CEO of Binance, Changpeng Zhao, accepted federal charges and reached an agreement to pay $4.3 billion to US authorities, the Open Interest Market Share of CME Bitcoin Futures has increased to approximately 30%.
Currently, all data shows that institutional investors continue to show interest in and invest in Bitcoin. The significant increase in inflows into crypto funds in recent weeks reflects the overall rise of the crypto market led by Bitcoin.
The price of Bitcoin is currently trading at $37,818, up 2% in the last 24 hours. Additionally, the trading volume has increased by 70% in the last 24 hours, indicating an increase in investor interest. A significant contributor to this increase is the largest 100 Tether (USDT) wallet address, which has added a total of $1.67 billion in the past six months. This confirms the upcoming rally supported by positive sentiment and higher trading volumes.