CME behind BTC's recent strength?

12 Apr 2023

Growing OI and volumes before and during the initial push higher suggests so.

In short

Leverage is booming in BTC derivatives, surging by 10% since the Sunday close. Under the hood, CME traders seemingly ignited the Monday strength leading to a substantial short squeeze on Binance.

Takeaways

Global BTC OI up 10% from the Sunday close

CME OI up 19% in the same period

Active market participant share growing from 40% to 47%

BITO BUM reaching an ATH after surpassing 35,000 BTC