The open interest in Bitcoin futures on the Chicago Mercantile Exchange (CME) has grown to $5.2 billion, just $200 million short of its all-time high in late October 2021. This surge in open interest has coincided with a 26% gain in Bitcoin's value over the last 30 days, with the cryptocurrency currently trading at over $44,000. Analysts suggest that the recent Bitcoin rally may be attributed to its relationship with the macro environment, with the Federal Reserve's signal to begin cutting interest rates being a significant driver of price action. The approval of spot ETF products by the SEC in early January may also result in an upward price tick for Bitcoin.