Chicago Mercantile Exchange (CME) Now the Largest Bitcoin Furures Exchange, Surpassed Binance

Reported by Coindesk, On Thursday, the regulated Chicago Mercantile Exchange (CME) took the top spot on the list of biggest bitcoin (BTC) futures exchanges, replacing Binance for the first time in two years.

CME ranked first among futures and perpetual futures exchanges with an open interest (OI) of roughly $4.07 billion, up some 4% in the past 24 hours and representing a 24.7% market share, CoinGlass data shows. Meanwhile, OI on Binance stood at $3.8 billion, down 7.8% during the same period.

CME offers trading in traditional futures contracts with pre-determined expiry. Binance and other exchanges offer conventional futures and perpetual contracts or futures with no expiry.

CME's rise to the top happened gradually this year and is a significant development as it highlights the growing demand from institutional market participants to trade the largest and oldest crypto asset.