Binance trails behind as CME Bitcoin futures drop by 10%
The Chicago Mercantile Exchange (CME) maintained its position as traders’ preferred platform for Bitcoin futures, despite a 4% price correction in BTC during a market dip. CoinGlass reported that BTC futures positions on the CME dropped by over 10% between December 11 and 12, resulting in a decline in open interest of approximately 11,000 Bitcoins. However, CME still held the top spot for BTC futures open interest, surpassing Binance by at least 10,000 BTC. This comes after CME overtook Binance as the leading platform for Bitcoin open interest in November 2023 after a two-year gap. Bybit, Bitget, and OKX rounded out the top five exchanges for trading standard BTC and perpetual futures. It is worth noting that the decrease in BTC open interest affected most exchanges, including CME and Binance, as the cryptocurrency fell below the $42,000 mark. However, experts believe that this price dip is a healthy correction rather than a significant crash, and they advise against investor panic. At the time of writing, BTC was trading at around $41,200, experiencing a drop of less than 1%. There is also anticipation that the U.S. Securities and Exchange Commission (SEC) will soon approve spot BTC exchange-traded funds (ETFs), leading to “buy the dip” calls from BTC supporters on social media.
