Bitcoin Futures for CME reach $1,490 gap up, open interest jump to all-time high, signaling bullish momentum
Bitcoin futures open interest don increase reach 681,880 BTC (wey be around $72.85 billion) for all the platforms, wey show say plenty big big companies and normal people don dey join. Chicago Mercantile Exchange (CME) get the lead with 151,010 BTC for open interest, wey show say dem get power for Bitcoin derivatives wey dem don regulate, and Binance follow. This increase mean say plenty money dey flow and investors don dey show more interest. Wetin make am special na say CME Bitcoin futures open for the week with a $1,490 gap up to $106,550, wey happen because of spot market activity for the weekend. These kind of CME gaps na key signs of bullish sentiment and dem fit be short-term price magnets, because dem dey often draw price action to fill the gap, even though no all gaps dey close sharp sharp. This event just show how CME Bitcoin futures dey affect the wider crypto market feeling and wetin traders dey plan, especially since big investors dey use am. While the current gap dey show say Bitcoin price fit still go up, traders suppose dey careful because market dey too volatile and nobody know when the gap go close.
Bullish
Di Bitcoin futures open interest don the sharp $1,490 gap up wey happen for CME opening show say investors don dey show more interest and dem get strong belief say market go rise, especially institutional traders. For history, high open interest and CME gaps wey dem no fill up dey relate to wetin dey make market liquid and fit lead to more price increase for short time. But, because we no sure if the gap go close and market go dey volatile, traders need to careful. Overall, the join-join of rising open interest and bullish CME gap dey point to hope for Bitcoin price action for short term, wey make the current market fine for bullish strategies.