CME's Open Interest on Bitcoin Hits $3.54B
![Jed Barker](https://cdn.prod.website-files.com/636e894daa9e99940a604aef/668577c6dae63221e09aad73_C-10%20(1).webp)
![Explore why CME's Bitcoin futures are closing in on Binance, Gary Gensler's shifting views on ETFs, and Uniswap's potential investment in Ekubo.](https://cdn.prod.website-files.com/636e894daa9e99940a604aef/6540c2b7e30566fec8f65b08_Bitcoin%20CME%20Futures%20ATH%20Volume%20(1)%20(1).webp)
CME's Open Interest hits $3.54B, trailing only Binance
The Chicago Mercantile Exchange (CME) is rising in the ranks of major Bitcoin futures exchanges based on open interest, indicating increased activity and involvement in the market. It is now holding an impressive $3.54 billion in open interest, which measures the total active contracts in the market. This puts CME right behind Binance, which leads the pack with $3.83 billion.
There is some debate on why CME is rising so fast. Some think it is because big institutional players are buying in, especially given Bitcoin's impressive 27% growth this month. On the other hand, André Dragosch from Deutsche Digital Assets has a different take. He believes the growth can be attributed more to the unwinding of bearish bets on offshore exchanges.
The Evolution of Gensler's Stance on Bitcoin ETFs
Back in 2019, Gary Gensler called out the SEC for not being straight about Bitcoin ETFs at an MIT chat. A video of this is getting attention on social media. He wondered why there is support for Bitcoin futures but hesitation for ETFs.
Nowadays, people on social media notice Gensler's views seem to have shifted. Under his leadership, the SEC remains cautious with Bitcoin ETFs due to manipulation concerns. They were even sued for rejecting a Bitcoin trust conversion into an ETF. The court sided against the SEC. The SEC did not appeal the decision.
Uniswap DAO supports $12M investment for 20% share in Ekubo
The Uniswap DAO community seems to be leaning towards investing $12 million into Ekubo, a decentralized exchange, in exchange for a 20% chunk of Ekubo's upcoming governance token.
The founder of Ekubo, Moody Salem, believes this is a significant step forward for both platforms. Previously a lead engineer at Uniswap, Salem launched Ekubo on Starknet.
On Snapshot, 63% of the tokens supported the move, with five holders accounting for 97% of those votes. Not everyone is on board though, some notable governance members feel the deal's rushed and might be overpriced.
KBank acquires Satang exchange to expand its crypto operations
Kasikornbank, one of Thailand's top banks, just got deeper into the crypto game by buying 97% of Satang crypto exchange for around $103 million. They did this via their subsidiary company, Unita Capital, and they have got plans to change Satang's name to Orbix Trade Co. Ltd. Besides this, Unita Capital is setting up three new groups for handling digital money, managing funds, and developing blockchain tech.
This big move is not surprising since KBank has been eyeing the tech world, recently announcing a $100 million fund to back AI and web3 startups.
Other breaking news
- Standard Chartered's Zodia crypto platform debuts in Hong Kong
- Animoca Brands buys Azarus for Web3 game streaming
- VanEck updates its US spot Bitcoin ETF application
- UK finalizes crypto and stablecoin regulation proposals
- 3AC-linked Crypto Exchange drops lawsuit against Mike Dudas
Wrapping up
That's a wrap for today's Datawallet Daily! From CME's soaring open interest to the SEC's evolving stance on Bitcoin ETFs, and from Uniswap's investment in Ekubo to KBank's latest crypto acquisition, we've covered the key stories making waves in the crypto world. Stay tuned for more in-depth analysis and updates in tomorrow's edition!