The CME Group, which operates the Chicago Mercantile Exchange, told Blockworks Tuesday that volumes and open interest for crypto derivatives soared in the third quarter of 2023. 

In fact, with the ongoing bitcoin rally, CME Group said via email that Monday’s “trading session marked a record [open interest] for CME Group Bitcoin futures at 20K contracts.”

Open interest simply denotes the total number of active derivatives contracts (futures or options) held by traders. The metric demonstrates how many people in the market are interested, as the term suggests, in holding a position.

But Monday’s trading day, when bitcoin (BTC) flashed up from around $30,500 to nearly $35,000, was…

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