27 Nov 2023

CME premiums running wild

Ahead of the Curve: The weekly market report with signals from the derivatives market, market structure and expert opinion.
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No material price impact from Binance’s record settlement
BTC and ETH have shown strong resilience over the past week, absorbing and recovering from Binance’s settlement with the U.S. government, closing the week at flat returns.
Institutional traders maintain substantial long exposure on CME
BTC and ETH premiums on CME continue to align, trading at 13% on Monday, while Bitcoin exposure reigns near all-time highs at 110,000 BTC.
Halted upward momentum – signs of profit realization
CME premiums moderated substantially on Monday, alongside a reduction of open interest equivalent to 7,000 BTC in the December expiry contract.
Close to all-time high premiums at the end of last week
The momentum change came after premiums ran wild towards the end of last week.

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