12 Jul 2023

Offshore activity low compared to CME

Perp OI consistent with late May levels, while CME's OI sits 30% higher than June 1 levels.
Derivatives experienced a surge in activity over the past few weeks after the BlackRock announcement. However, we note a clear divide in the enhanced activity levels between institutional market participants and crypto-native participants. The growing activity has been heavily concentrated on CME,
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