🔥CME Bitcoin Futures Open Interest Hits 14-Month Low


On April 11, the open interest (OI) of CME Bitcoin futures dropped to $8.41 billion, marking the lowest level in 14 months. Glassnode analysts pointed out that this trend is mainly driven by the unwinding of basis trades, which previously involved establishing long positions via spot ETFs and hedging futures shorts to profit from the spread, but recently the annualized returns have fallen from 15%-20% to around 5%, prompting institutional profit-taking. Additionally, the daily trading volume of CME Bitcoin futures has shrunk below $3 billion. Analysts believe that as institutional demand shifts toward direct spot holdings, leverage levels in the futures market are decreasing significantly.
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