K33 Report: The open positions of CME Bitcoin contracts increased by 3100 BTC, indicating an increase in institutional interest

K33 Research analysts predict that a spot Bitcoin ETF is likely to be approved before January 10, 2024. The possibility of establishing a cash subscription mechanism for the fund by BlackRock and ARK Invest has increased. The report points out that the trading volume of Bitcoin spot has increased, and the open positions of perpetual contracts have dropped to an annual low. CME's open positions in Bitcoin have increased by 3100 BTC, indicating enhanced institutional interest, but it is expected that there will be a significant adjustment after the approval of the spot ETF. Active traders may take profit and this could lead to a decline in CME's dominant position.