Bitcoin Monthly Futures on CME Expires Today, Will BTC React?

Bitcoin Monthly Futures on CME Expires Today, Will BTC React?

A number of Bitcoin futures contracts on the Chicago Mercantile Exchange (CME) are set to expire today. Meanwhile, analysts are mulling over the potential impact on the BTC price.

On March 31, an estimated 8,171 Bitcoin futures contracts will be closed and settled on the Chicago Mercantile Exchange.

The last open price taken on March 30 was $28,355, marginally higher than Bitcoin’s current price of $28,182.

CME reported a volume of 16,139 contracts as of March 29 and an open interest (OI) of 13,971. OI is a measure of the total number of outstanding futures contracts that have not been settled.

Bitcoin Monthly Futures on CME Expires Today, Will BTC React?
Bitcoin futures volume and OI – CME

According to Deribit, the total open interest (OI) for all BTC futures contracts is nearly $300 million. This is much lower than previous peaks of over $1 billion, suggesting that there will be minimal impact on BTC spot prices.

Total futures OI - Deribit
Total futures OI – Deribit

Bitcoin Futures Remain Bullish

Furthermore, TradingView shows a buy signal for CME Bitcoin futures, suggesting that derivatives markets remain bullish.

Analysts have observed that there was a close on the five-day CME Futures chart above the medium band of the Gaussian channel. This is bullish and could lead to a next level around $33,000, according to one analyst.

CME futures 5D Gaussian - Twitter/@neilarora16
CME futures 5D Gaussian – Twitter/@neilarora16

Another noted that the CME Bitcoin futures gap had closed and a new one was forming. The gap refers to the difference in BTC and CME contract prices that forms over the weekend when the exchange closes. Furthermore, these CME gaps tend to be “filled” as the market corrects back into the gap.

See also  French central banker warns complex crypto regulations could create 'uneven playing field' - Regulation Bitcoin News

Earlier this month, CME Group announced trading of event contracts on Bitcoin futures. The cash-settled, daily-expiring contracts will further complement the existing suite of ten event contracts, said Tim McCourt, Global Head of Equity at CME Group.

BTC Price Outlook

Bitcoin is currently in a short-term bullish pattern. Therefore, it is unlikely that the expiration of the futures contract will have a major impact on the markets.

On the daily time frame, BTC has fallen 1.4% in a fall to $28,185. However, it is still up 12% in the last fortnight.

BTC/USD 1 Day - BeInCrypto
BTC/USD 1 Day – BeInCrypto

The asset has recovered all losses from FUD regarding the CFTC Binance lawsuit earlier this week. On March 28, it fell to $26,770, but quickly recovered.

Major resistance remains around $30,000, so this is the target for further upside.


In line with Trust Project guidelines, this price analysis article is intended for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, objective reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *