Open interest in CME's bitcoin futures is now at an all-time high of $400 million

Open interest in CME Group's bitcoin futures has touched an all-time high of $400 million, hinting that more money is flowing in the market and that traders are expecting a near-term rise in volatility.

The $400 million figure is higher than the previous all-time high open interest of over $338 million on February 14. Open interest is the value of outstanding derivative contracts that are yet to be settled.

While open interest is soaring, volumes are significantly low as compared to February volumes. The average daily volume in CME's bitcoin futures was around $217 million last month, while in February, it was about $493 million.

CME launched cash-settled bitcoin futures in 2017 due to "increasing client interest." Earlier this year, the exchange also rolled out bitcoin options.