CME Bitcoin futures open interest has fallen to a 14โmonth low as the onceโcrowded basis trade collapses, compressing yields and pushing leveraged institutions out. Summary CME Bitcoin futures average daily open interest fell below $8B in March and to about $7.2B in early April, the lowest since February 2024. March volume slid to $163B, nearly half January 2025โs peak, as the spotโETF plus shortโfutures basis trade unwound and leveraged funds exited. With annualized basis near 5% versus ~4.5% riskโfree rates, funding costs and counterparty risk have erased arbitrage appeal at…
CME Bitcoin futures slump as basis trade unwinds and Wall Street steps back
