12 Apr 2023

CME behind BTC's recent strength?

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

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.


  • 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.
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