12 Apr 2023
CME behind BTC's recent strength?
Growing OI and volumes before and during the initial push higher suggests so.
Preview
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
Increased activity on CME before and during yesterday’s initial spike towards $29k suggests that CME traders were behind the initial push higher. Binance traders unwillingly followed suit as shorts were squeezed amidst the $30k breakout.
