The Bitcoin Futures Open Interest rate hit an all-time high on the Chicago Mercantile Exchange after ProShares is scheduled to list its first Bitcoin Futures ETF on the New York Stock Exchange tomorrow. The Chicago Mercantile Exchange (CME) hit a record $3.56 billion in open positions on Bitcoin, higher than its previous high of $3.26 billion in February 2021, and the Bitcoin Futures Open Interest rate surpassed. $23 billion for the first time in five months. Open Interest is seen as a proxy for new money entering the market under the belief that the crypto market will rise in value for weeks. This was driven by rumors that the Bitcoin ETF will be officially launched in the United States soon. though the office ProShares will reject all Bitcoin ETF offerings, but US Securities and Exchange Commission Chairman Gary Gensler has been more open about its offerings, including the acceptance of the Bitcoin Futures Fund, making the ProShares application feasible. Approved for a Bitcoin Futures ETF This Month ProShares reportedly will begin offering an ETF on the New York Stock Exchange on Tuesday, allowing institutions to access Bitcoin without holding the underlying asset. This has led the community of crypto enthusiasts to speculate that ETFs will be a major step forward that could soon lead to institutional adoption. However, positive sentiment has entered the crypto market amid a surge of negative rumors surrounding the ETF, with Bitcoin, the number one coin capturing the market, trading at 61,100.
Read the news: Bitcoin Futures Open Interest Rate Soars Ahead of Tomorrow’s ETF Launch, Continues at Siam Blockchain
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