Huo Xing Finance reports that on April 11, the open interest (OI) for Bitcoin futures on the Chicago Mercantile Exchange (CME) fell to $8.41 billion, reaching its lowest level in 14 months. Glassnode analysts note that this trend is primarily driven by the unwinding of basis trades, a strategy that previously involved taking long positions in spot ETFs while hedging with short futures positions to profit from the price differential. However, the annualized yield for this strategy has recently declined from 15%-20% to around 5%, prompting institutions to close their positions and realize profits. Additionally, daily trading volume on CME Bitcoin futures has dropped below $3 billion. Analysts suggest that as institutional demand shifts toward direct spot holdings, leverage levels in the futures market are significantly declining. (The Block) https://www.theblock.co/post/396722/cme-bitcoin-futures-activity-slumps-to-14-month-low-as-basis-trade-unwind-drains-institutional-demand
CME Bitcoin Futures Open Interest Reaches 14-Month Low
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Summary
Open interest in CME Bitcoin futures dropped to $8.41 billion on April 11, 2026, the lowest level in 14 months. Futures market activity has been impacted by the unwinding of basis trades as annualized returns fell from 15%-20% to 5%. Daily trading volume in the futures market is now below $3 billion. Analysts attribute this to a shift in institutional demand toward spot holdings, reducing leverage in the futures market.
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