12 Apr 2023
CME behind BTC's recent strength?Growing OI and volumes before and during the initial push higher suggests so.
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.
- 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.