February 21, 2019, 9:43AM EST
• 3 min read

Macro update: Signs of steady institutional buying of Bitcoin

Quick Take

  • Institutional interest in CME BTC futues has gradually risen with the number of large open interest holders (entity with +25 BTC contracts) above 40 since November
  • Average daily volume is already up ~13% from 4Q through two months, while open interest (total number of open contracts) is up ~25% since last quarter
  • Uptick of Grayscale GBTC off yearly lows in November, and sustained contango of futures price to spot are important signals to monitor going forward

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