CME Bitcoin Futures Open Interest Falls to 14-Month Low

Bitcoin futures open interest on the Chicago Mercantile Exchange (CME) slid to $8.41 billion on April 11, the lowest level in 14 months, according to Huo Xing Finance. Glassnode analysts attributed the decline largely to the unwinding of basis trades. The strategy previously paired long positions in spot ETFs with short CME futures to capture the spread, but its annualized return has compressed from 15%–20% to about 5%, prompting institutions to close trades and lock in gains. CME Bitcoin futures daily trading volume has also fallen below $3 billion. Analysts said institutional interest appears to be shifting toward direct spot exposure, driving a notable drop in leverage across the futures market. (The Block)