The record opening was quickly replaced by lackluster momentum that saw institutional investors pull out of the market, likely owing to the asset touching a new all-time high and traders taking gains.
But since then, institutional bitcoin open interest has been on the decline, thanks to dying interest in the bitcoin ETFs.
Traders had massively betted on the success of the ETF and their bets had paid off as the ETF saw more than $1 billion in trading volume in the first two days alone.
Although bitcoin has done well at the beginning of the month, institutional interest has not followed this trend.
While open contracts on the CME have declined by 32% since October, the number of open contracts in BITO has hit a record high.
Bitcoin Open Interest in Binance has been growing lately, a direct opposite of what has been witnessed with open interest on CME.
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