Open Chicago Mercantile Exchange bitcoin futures positions hit record high

04.06.2019 / 10:13

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The number of open contracts for the Chicago Mercantile Exchange (CME) bitcoin (btc) futures hits a historic peak.

According to data released by the Commodity Futures Trading Commission (CFTC), the number of open positions for the week of 27 May to 3 June is 5,190.

According to Coindesk, this is the highest number of positions, registering a 7% increase over last week.

This increase is a sign of high interest from the institutions to the largest cryptocurrency. This is a continuing trend, with the bitcoin volumes reaching a record on May 13.

Daily average volumes of bitcoin futures hit a peak of 14,000 contracts in May 2019.

Currently, Bitcoin's price is falling from the latest levels, but the technique indicates that BTC has reached resistance levels, and for the moment the downgrade is nothing more than a healthy correction.

The other cryptos are following this movement.

Now, it will be interesting to see whether the buy the dip mentality will remain active.

Trader Aleksandar Kumanov

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Open Chicago Mercantile Exchange bitcoin futures positions hit record high

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