"This probably has more to do with leveraged funds hedging their long positions in GBTC shares using the CME futures,” one trader said.
The Arcane Research report says this downward trading indicates institutional investors are being “cautious” at the moment.
CME's bitcoin futures goes into "backwardation" and BTC inflows to exchanges rise as China "FUD" continues.
The difference between bitcoin futures premium on CME and other crypto exchanges has widened since the end of March, when Bill Hwang’s troubles surfaced.
With all this bullish bitcoin activity, the ETH/BTC pair has gone bearish, a sign traders are selling ether for bitcoin.
The Chicago exchange has now traded 77 ETH contracts after going live on Sunday.
Investor excitement ahead of the CME's planned ether futures contract is one reason for the price push.
Chicago Mercantile Exchange now tops the list of the biggest bitcoin futures trading platforms, accounting for nearly 20% of all open interest.
The CME has become the largest bitcoin futures exchange by open interest amid institutional onboarding.
CME has risen to second place in terms of bitcoin futures open interest, passing Binance and BitMEX.
Institutions hold record bullish beets in CME Bitcoin futures as the cryptocurrency shows resilience to negative news.
The largest U.S. regulated market for bitcoin futures has been sounding out cryptocurrency traders to gauge their interest in a listing of futures and options on the Ethereum blockchain’s native tokens.
Trading volumes for CME bitcoin options surged as traders made bull call spreads, anticipating a rally.
Institutional interest in bitcoin futures has plummeted as the DeFi explosion made carry trades less attractive, said Bequant's Denis Vinokourov.
The funds likely boosted short positions to take advantage of attractive "cash and carry" yields.