Bitcoin · CME Group · CryptoSlate
Bitcoin starts its first gapless CME week as the market searches for a new signal
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CME Group's cryptocurrency futures and options have been trading continuously since 4:00 p.m.
Key facts
- US spot Bitcoin ETFs shed roughly $3 billion across the ten trading sessions from May 15 through May 29, per Farside Investors data, including $733.4 million on May 27 alone and $527.8 million out
- However, the launch coincided with the S&P 500, Dow, and Nasdaq all closing at record highs on June 1, while Brent crude settled at $94.98, up 4.2% with renewed US-Iran tensions, and Bitcoin nearly
- VanEck identified the $80,000-$85,000 zone as key resistance for a shift in momentum, and the three legacy CME gaps in the $70,000-$80,000 range stay unresolved targets that predate the new regime
- Brent at $94.98 keeps rate-hike expectations alive, and CME FedWatch showed traders pricing roughly a 56% chance of at least one US rate hike by year-end, and Treasury yields briefly touched 4.52%
Summary
Over the inaugural 48 hours, over 7,200 contracts changed hands, representing roughly $50 million in notional value, enough to confirm that institutional demand for weekend hedging is real. However, the launch coincided with the S&P 500, Dow, and Nasdaq all closing at record highs on June 1, while Brent crude settled at $94.98, up 4.2% with renewed US-Iran tensions, and Bitcoin nearly lost the $70,000 floor. Before May 29, Bitcoin spot markets traded continuously while CME futures closed every Friday afternoon and reopened Sunday evening. When spot moved sharply over the weekend, the CME futures chart reopened with a visible gap between Friday's closing price and Sunday's opening tick.