CME and Binance seeing the largest growth in open interestCME has experienced an open interest growth of 19% since the Monday open and saw the largest increase in open interest among all derivatives venues. Binance has seen a 9% growth in part subdued by a late Monday short squeeze.
This suggests that CME activity after the Easter holiday was the catalyst behind the move, with leveraged underwater positions offshore enhancing the directional momentum.
Source: Laevitas, CME Group
A push ignited by active market participants
This week’s market activity on CME’s BTC futures has been very interesting. During the Easter holiday, we saw a substantial fall in the active market participant share, as speculators were conservative with exposure amidst the banking holiday period. On Monday, however, CME experienced burgeoning activity primarily driven by active market participants, leading the active market participant share of CME’s OI to grow from 40% to 47% on Monday.
Source: CME Group, ProShares, Valkyrie, VanEck, Bitwise
But ETP traders also contribute to the elevated OI
On Tuesday, BITO's BTC equivalent exposure surpassed 35,000 BTC for the first time in history, reaching a new all-time high after seeing a three day inflow of 2,890 BTC (+9%).