Bitcoin CME futures hit $100k, but spot price hasn’t caught up

Bitcoin touched $100,000 on the CME Futures platform, with the token’s spot price remaining slightly lower during Thanksgiving.

TradingView data tracking Bitcoin (BTC) CME Futures showed the largest cryptocurrency surpassed $100,085 in the derivatives market in late morning trading on November 29.

Meanwhile, BTC’s spot price remained at $98,285 after reaching an all-time high of $99,645 on November 22. The decline to $91,000 after reaching the ATH led experts to comment on “BTC cooling down.”

24-hour BTC price chart – November 29 | Source: crypto.news

CME Futures data shows Bitcoin could reach new highs sooner than expected. Coinglass analysis echoed this sentiment, noting that BTC Futures open interest had risen to $61 billion at the time of writing.

Open interest has increased by 50% in just over a month, fueling debate about whether the market will recover its upward momentum.

Whatever the case, institutions and national authorities have been quick to purchase Bitcoin for corporate treasuries and government reserves. MicroStrategy led the privately held conglomerate and held approximately $35 billion worth of BTC. Companies such as SOS Limited and Metaplanet followed suit, dedicating millions of dollars to purchasing BTC.

While the United States is the largest sovereign holder of BTC, the country under President Donald Trump could increase its crypto war chest. Trump’s transition team has considered staff for a crypto council that could fulfill its BTC stockpiling promise.

Senator Cynthia Lummis of Wyoming has introduced a bill to purchase one million BTC over five years as Bitcoin becomes increasingly prominent in geopolitical debates. More countries like Brazil and jurisdictions like Vancouver in Canada have sought to follow the lead paved by El Salvador, which has nearly $500 million worth of BTC since its first purchase in 2020. Switzerland has also passed legislation to study how BTC could improve the power grid.