The open interest on CME is once again approaching $2 billion

The open interest on CME’s bitcoin futures currently sits at $1.9 billion and has seen steady growth throughout August.

Since the short squeeze on July 26th, leveraged funds (hedge funds) have been accumulating new short positions. While hedge funds have been accumulating shorts, the cash-and-carry trade has yielded relatively weak returns on the CME futures.

However, the leveraged funds are likely not placing naked short bets on bitcoin. They could have exposure through other markets and use CME to hedge out risk.