Active market participation share on CME at all-time lows
Active market participation share on CME at all-time lows
Preview
In Short
In this report, we find clear indications that active institutional traders played a significant role in the March 3 sell-off. CME's open interest fell substantially on elevated volumes amidst the sell-off. In the aftermath, the OI contribution by active market participants on CME has fallen to an all-time low. The coming week is filled with hearings and potential macro releases, setting the stage for a volatile week.
Takeaways
- Bitcoin is down 5% after the midnight sell-off on March 3
- Institutional participation falls to a sudden all-time low following the sell-off
- WBTC supply falls toward 2-year lows
BTC has fallen 5% this week, with all downside originating from a late Thursday/early Friday sell-off, after U.S. market hours. The rest of the week saw virtually no volatility, and the market has since been eerily quiet.
