CME basis usually lags that of crypto-native exchanges since a large portion of CME traders position...But interestingly, CME futures basis saw the most aggressive reversal, indicating traders here bought...Rare Aggression at CME On July 19, CME’s Bitcoin futures had $1.25 billion of open interest following...

“Sell me this CME gap” CME gaps have always fascinated Bitcoin traders....Historical Evidence The history of CME double gaps goes back to 2018, and only a handful of clear examples...a sharp rally from $4K to nearly $14K, and in the middle of that move, two upward gaps appeared on CME...

When looking at the CME BTC OI, we can see a similar number as the CME accounts for nearly half of global...Since ETFs went live in January 2024, we have seen a ~$5Bn increase in CME open interest, from $5Bn to...inception. https://x.com/3xliquidated/status/1798020657609101628 It is safe to assume that a fair amount of CME...

For example, CME BTC futures for Oct. are trading at $64,560 at the time of this writing while Nov. futures...CME Wins Big on ETF Approval The ProShares’ ETF trades CME’s Bitcoin futures, so it’s no surprise CME...If the ProShares ETF starts to experience more inflows, CME’s liquidity and activity will start to ramp...

Is CME Really Net Short?...Pivoting to the futures market, leveraged funds trading on CME are net short BTC per CME’s weekly Commitment...CME’s traders are institutions, and thus more prudent....As a result, we see a relatively lower basis on CME, as basis extraction is the crowded trade on the...

Interestingly, CME basis is a way off relative to crypto-native exchange basis....CME’s participants are made up of more traditional market players, and as a result are more enticed by...That helps explain CME’s consistent divergence from crypto-native basis, but the spread between the two...

Compare this to the incumbent crypto exchanges, and we can see how meaningful the CME has become due...For example, liquidations occur differently on CME vs. crypto native exchanges like Binance or Bybit.

Last week’s move brought a huge wipe out in open interest across all exchanges, including the CME, to...

CME, which is far more tempered, lags on the basis curve but is still in contango....Over the course of August, CME’s leverage funds doubled down and increase their short exposure to BTC...CME’s traders are more risk-averse and look for opportunities with minimal risk and decent yield – and...

...likely that at least some decent percentage of ETF flows were at least in part attributable to the BTC CME...

CME Traders Get Short?...CME’s open interest increased over the last few days, while open interest on crypto-native exchanges...With price moving down on shorter time frames and open interest on CME ticking up, this is a sign that...institutional players on CME might be positioning for further downside.

Notable Tweets Deribit usually has the highest futures basis, and CME the lowest....CME’s basis has now exceeded Deribit’s, implying large futures purchases on CME.

CME Group files a proposal to offer derivatives trading directly to customers.

CME Group launches ETH-based options, three days before the Merge.

The Nvidia crash yesterday had ripple effects on the crypto market, with CME traders rapidly de-risking...

CME Group announces the launch of Euro-denominated BTC and ETH futures.

From the chart below, it’s also obvious that CME is lagging big time — and this is very much expected...CME traders don’t care as much about price exposure as they do about earning a solid yield for basis...

FTX, Binance, Bitfinex, and CME all hit their highest level of BTC futures open interest in the last...

For the first time, ETH option volume on exchanges like Deribit, CME, and others flipped the daily volume...

Growing market share for Western exchanges — including institutional ones like CME — could set the tone...