CME’s bitcoin futures have seen a sharp open interest decline lately. After peaking at nearly $6bn, the OI sits at $2.6bn with a muted futures basis. This suggests that institutional traders are cautious with bitcoin at the moment.
In the last quarter, we saw several futures-based ETF approvals, with BITO being by far the most successful launch to date. BITO currently accounts for 45% of the open interest in the BTC futures market with its $1.2bn AUM.