CME’s BTC futures open interest in free fall

While CME’s BTC futures open interest sees a steady decline, ProShares’ BITO ETF maintains its AUM. The ETF now accounts for 45% of the open interest in CME’s bitcoin futures.
Source: Skew, BITO

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.

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