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- CME was the largest Bitcoin futures exchange and recently toppled Binance.
- Bitcoin whales opened more long positions compared to retail investors.
Bitcoin [BTC] fell further below the $37,000 mark on November 26, as traders liquidated their assets and put selling pressure on the king of cryptocurrencies.
The world’s largest digital asset had reached $38,000 before the start of the weekend, potentially prompting traders to book profits. The clear increase in trading volumes, as AMBCrypto observed using CoinMarketCap data.
Source: CoinMarketCap
As the price fell, bullish leveraged traders felt the pressure. More than $76 million in BTC long positions have been wiped from the market in the past 24 hours, according to data obtained by AMBCrypto from Mint glass revealed. This amounted to 73% of all liquidations in the period mentioned.
CME Open Interest Reaches New Peak
Barring periodic retracements, the Bitcoin market is largely optimistic about its short- to medium-term prospects. The derivatives market saw significant capital inflows last month.
The Open Interest (OI) in BTC futures on global derivatives giant Chicago Mercantile Exchange (CME) rose to a record high of $4.4 billion at the time of writing. With a 26% market share, CME was the largest Bitcoin futures exchange, after toppling Binance [BNB] recently.
Source: Coinglass
Since the start of the Bitcoin rally in mid-October, CME’s OI has risen 86%. CME’s standard Bitcoin futures contract is worth five BTC and is seen as a barometer of institutional interest in cryptocurrencies.
Overall, money invested in Bitcoin futures rose to levels last seen just before the start of the bear market. The surge of fresh money that accompanied a price increase was a clear indicator of bullish sentiment.
Whales positive about BTC?
Whale activity was another key indicator of Bitcoin’s optimism. AMBCrypto noted positive values of the Whale vs. Retail Delta indicator from Hyblock Capital. This suggested that whales opened more long positions compared to retail investors.
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Crypto whales, who are seasoned players in the game, invariably influence asset prices through their trading tactics. As a result, experts tend to place more weight on their market movements.
Source: Hyblock Capital
Meanwhile, as evidenced by the same chart, the market was still greedy for Bitcoin. This increasing appetite could result in further demand and buying pressure for the king coin.
