CME Bitcoin futures hit $100,000 for the second time in a week, and the market is paying attention to the spot price following the trend
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PANews reported on November 30 that, according to Cointelegraph, the price of BTC futures on the Chicago Mercantile Exchange (CME) broke the $100,000 milestone for the second time yesterday, after first reaching this level on November 22. The spot price of BTC has not yet reached $100,000, and analysts believe this trend may drive the spot price to follow suit. The data also shows that the open interest in CME's BTC futures contracts exceeds 40,000 contracts, and the trading volume of CME's BTC futures reached $12.3 billion as of the Thanksgiving holiday on November 28. Due to the strong spot buying on Coinbase during the Thanksgiving holiday, the price difference (or "Coinbase premium") between the BTC/USD price and the spot BTC price on Binance has exceeded $200.
Furthermore, CoinGlass data shows that the bulls need to push the price of BTC to $99,000 to trigger the next round of liquidation cascades, which would provide the force needed to push the spot BTC price above $100,000.
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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