Bitcoin (BTC) institutional investors are banking on a bull run as the latest data shows new records for the peak cryptocurrency'southward futures markets.

Equally noted by establishment-focused crypto analysis company Arcane Research on May vii, open interest for CME Group's Bitcoin futures has hit a fresh all-fourth dimension loftier.

CME: open involvement at all-fourth dimension loftier but volume fades

According to the figures, nerveless from monitoring resource Skew, CME open interest has hit $399 million, chirapsia the previous tape of $392 1000000 from June 2022.

The growth rate in open interest has been particularly impressive since March when information technology totaled less than $150 1000000 on the back of Bitcoin's sudden 60% price crash.

At the same fourth dimension, nevertheless, the overall book on CME futures remains low and has not seen like beliefs.

"Withal, the daily trading book is not seeing the same growth, indicating less trading-driven and more exposure-driven action on CME," the company summarized.

An implication from the current status quo could be that CME traders are preparing to short the Bitcoin price, which at press time circled $9,300 — near multi-month highs.

"To me, this implies that the expected course of price activeness will be to make full brusk interest; I'1000 convinced that information technology remains overhead," Cointelegraph Markets analyst filbfilb explained in his latest newsletter.

This means I remember that there may be room for more upside – mayhap briefly across $10k, but overall I think nosotros probably need more than time sub $9k.

CME Bitcoin futures open up interest vs. volume. Source: Arcane Research/ Skew

Beyond futures, options involvement also saw ii days of solid performance, Skew confirmed on Twitter.

BTC stocks decoupling marches on

Nevertheless, such behavior could underline renewed religion in Bitcoin from the professional trading sphere, given the cryptocurrency's continued detachment from stock markets.

As noted past market analyst Mati Greenspan, the past few weeks have seen Bitcoin gain while stocks accept withered. This is a stark contrast to March and most of April when the assets were moving in tandem.

Investment counselor Timothy Peterson added that this breakdown had also appeared on the Japanese stock market, the Nikkei.

"The long term relationship between the Japanese stock marketplace and #bitcoin cost is undeniable even if unexplained," he tweeted on Wednesday.

However, the relationship appears to take broken downwards recently.