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CME Bitcoin Futures Rate Rise to 265% in October…What Does That Mean?

CME Bitcoin Futures Rate Rise to 265% in October…What Does That Mean?

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Answer CME Bitcoin Futures Rate Rise to 265% in October…What Does That Mean?

Bitcoin, the world’s largest cryptocurrency, stabilized above $60,000 and is currently valued above $62,000, after a strong rally last week.

The euphoria in the market was very strong after the launch of the ProShares Strategy Bitcoin ETF Futures Fund last week.

The interest rate on CME Bitcoin futures rose to 265% in October.

The reason for the rise in interest is that the Bitcoin ETF tracks CME Bitcoin futures.

Open interest in CME bitcoin futures has increased by $3.95 billion so far in October.

Data platform Glassnode commented on the rise with the following statement:

Interest in CME bitcoin futures increased and was reflected in interest rising $3.95 billion over the course of October, in part due to the launch of the BITO ETF in dollars.

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This represents a 265% growth in open interest since the end of September.

The next test for Bitcoin will be at the $90,000 level:

Bitcoin continues to attract institutional interest following the launch of the Bitcoin Futures ETF.

Many analysts continue to remain bullish on the price of Bitcoin and expect the price of Bitcoin to rise to $90,000 levels.

I wrote The company “Fundstrat” in a note to its customers last Wednesday, which says:

Bitcoin’s initial bullish targets above $65,000 are near $72,500, then $89,000, and are believed to be certain if Bitcoin breaks through its previous highs.

The Fundstrat note also reported that the latest target would be a 100% extension of the rally from last March’s low.

Many analysts are already predicting that the price of Bitcoin will reach the levels of $100,000 by the end of the year.

Besides, there have been strong buying and accumulation by larger investors also called “whales”.

Additionally, the Twitter account of PlanB, founder of the stock and flow model, indicated that Bitcoin will continue to trade at all-time high levels for a few months from now on.

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The world’s largest cryptocurrency has already surged over 45% in the month of October.

If Bitcoin continues with this performance, there is nothing to prevent it from gaining even higher levels in the coming months.

The fourth quarter of 2021 has been particularly bullish for Bitcoin and the crypto space in general.

At press time, Bitcoin is trading at $62,000, up 1.64% with a total market capitalization of $1.169 trillion.

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