Bitcoin (BTC) is rapidly approaching a $2 trillion market cap, surging by $30,000 since Donald Trump’s presidential win earlier this month.

Currently valued at $1.93 trillion, Bitcoin needs to hit roughly $101,000 per coin to reach the $2 trillion mark. The cryptocurrency recently surpassed $97,000, hitting new all-time highs and strengthening its market dominance, which now sits just below 61.8%.

In a sign of increased optimism, Bitcoin futures open interest on the Chicago Mercantile Exchange (CME) has hit a new record of 218,000 BTC ($21.3 billion). This marks a 30% rise since the November 5 election. Rising open interest amid price increases typically signals strong bullish sentiment.

Velte Lunde from K33 Research pointed out that the surge in CME open interest over the past 15 days has been greater than the annual average since 2022, signaling active participation from seasoned market players. Unlike other market segments, where growth may stem from ETFs like ProShares’ Bitcoin ETF (BITO), CME futures are driven by direct traders engaging with the futures market.

Further, the introduction of Bitcoin ETF options is expected to provide more opportunities for institutional investors and spur even greater CME futures growth.

The rise of Bitcoin’s relationship with traditional finance, coupled with increasing dominance by CME, is seen as a factor in Bitcoin’s declining volatility. Realized volatility has significantly decreased, from over 100% to roughly 40%, over the past few years, according to Glassnode. Additionally, cash-collateralized futures contracts are at an all-time high, which typically reduces overall market volatility compared to crypto-collateralized futures.

The continued growth of CME’s market share—now at 33%—along with a sharp reduction in crypto-collateralized futures suggests that Bitcoin’s price will likely become more stable over time.