The Chicago Mercantile Exchange (CME) is on the verge of taking the lead in Bitcoin futures open interest over prominent crypto platform Binance, as indicated by Gabor Gurbac, a strategy advisor at VanEck.

Gurbac remarked, “CME is poised to overtake Binance as the largest exchange in terms of Bitcoin futures open interest.”

Highlighting the increasing open interest in Bitcoin futures on CME compared to Binance, Gurbac emphasized the relatively narrow gap between the two.

As of now, CME has 103.23K Bitcoin in open interest, while Binance boasts 111.23K BTC in open interest.

Gurbac remains optimistic, suggesting that other markets will likely catch up soon, underscoring the growing presence of institutional investors in the crypto space. However, he also acknowledged the importance of considering the overall health of secondary markets and their potential influence on price discovery mechanisms.

It’s worth noting that Bitcoin’s current price stands at $34,502, showcasing a stable yet volatile trend in the market.

Discussing the challenges faced in the process of filing for VanEck’s first Bitcoin futures ETF, Gurbac shared an amusing anecdote of encountering skepticism from US regulators.

While there’s growing anticipation surrounding the approval of a spot Bitcoin ETF in the US, recent industry surveys reveal that a majority of respondents intend to adopt a long-term holding strategy for Bitcoin in anticipation of this development. Analysts are optimistic about the potential positive outcomes for investors upon the approval of a spot Bitcoin ETF.

In the midst of uncertainties regarding regulatory decisions, some experts recommend taking advantage of the current Bitcoin price levels for strategic investment opportunities.