{"id":43779,"date":"2021-06-04T17:40:00","date_gmt":"2021-06-04T14:40:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=43779"},"modified":"2025-08-31T13:52:48","modified_gmt":"2025-08-31T10:52:48","slug":"open-interest-in-bitcoin-futures-on-cme-falls-to-six-month-low","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/open-interest-in-bitcoin-futures-on-cme-falls-to-six-month-low\/","title":{"rendered":"Open interest in Bitcoin futures on CME falls to six-month low"},"content":{"rendered":"

Open interest in Bitcoin futures on the Chicago Mercantile Exchange (CME) fell to its six-month low, at $1.36 billion. Data from Skew<\/a> show.<\/p>\n

Since mid-April, the figure has more than halved. The number of open positions also fell by 22%, to 36,265 contracts.<\/p>\n

\n
\\\"Open
Open interest dynamics in Bitcoin futures on CME. Data: Skew.<\/figcaption><\/figure>\n<\/div>\n
\n

\u201cCME was the preferred platform among institutional players for hedging positions in Grayscale’s Bitcoin Trust (GBTC). Since the premium in the instrument disappeared, the incentive for such investments has fallen,\u201d<\/em>\u2014 CoinDesk<\/a> explained at Amber Group.<\/p>\n<\/blockquote>\n

Accredited investors open GBTC positions at net asset value (NAV). After that, their funds remain locked for six months.<\/p>\n

Until February, GBTC shares traded at a premium of up to 40%, creating arbitrage opportunities. Large players hedged GBTC positions with CME futures. Through such actions they could capture the premium and avoid losses from price swings in Bitcoin.<\/p>\n

Such operations lost their sense in began trading at a discount<\/a> in February. As of writing, GBTC’s secondary market price remains below NAV.<\/p>\n

May market crash<\/a> was another factor weighing on open interest. It led to the unwinding of excessive leverage on CME and other exchanges. As a result, the aggregate figure across all crypto-derivative platforms fell from $19 billion to $11.9 billion.<\/p>\n

On May 19, at one point the volume of long liquidations in cryptocurrency futures surpassed $7.1 billion<\/a>.<\/p>\n

Subscribe to ForkLog news on Telegram: ForkLog Feed<\/a> \u2014 all the news feed, ForkLog<\/a> \u2014 the latest news, infographics and opinions<\/p>\n","protected":false},"excerpt":{"rendered":"

Open interest in Bitcoin futures on the Chicago Mercantile Exchange (CME) fell to its lowest since December 16 \u2014 $1.36 billion. Skew reports.<\/p>\n","protected":false},"author":1,"featured_media":43780,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[383,1168,1214],"class_list":["post-43779","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cme-group","tag-crypto-derivatives","tag-grayscale-bitcoin-trust"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43779","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=43779"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43779\/revisions"}],"predecessor-version":[{"id":43781,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43779\/revisions\/43781"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/43780"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=43779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=43779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=43779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}