According to CoinGlass's report for the first half of 2025, open interest in Bitcoin futures on the CME has exceeded Binance for the first time.
CME Surpasses Binance in Open Interest
Open interest in Bitcoin futures at CME reached 158,300 BTC ($16.5 billion), while Binance's open interest stood at 118,700 BTC ($12.3 billion). This increase occurred amid rising institutional interest in Bitcoin derivatives, with total open interest in BTC derivatives surging from $60 billion to over $70 billion.
Divergence Between Bitcoin and Altcoins
The report highlighted Bitcoin's market dominance, which strengthened to 65%, its highest level since 2021. Meanwhile, altcoins, including Ethereum, showed significant weakness, with prices dropping more than 50%. This trend reflects cautious investor sentiment towards altcoins.
Prospects for Ethereum and Altcoins
Analysts from CoinGlass noted that given current macroeconomic liquidity constraints, it is unlikely that the momentum for altcoins will reverse unless significant ecosystem developments or technological breakthroughs occur. However, the inclusion of staking in ETH spot ETFs might enhance the risk appetite among investors and improve overall market sentiment.
Data from CoinGlass highlights shifts in the futures market and the current state of the crypto economy, where Bitcoin holds leading positions, while other assets may face challenges.
