CME Bitcoin futures open interest has fallen to a 14?month low as the once?crowded basis trade collapses, compressing yields and pushing leveraged institutions out.Summary
- CME Bitcoin futures average daily open interest fell below $8B in March and to about $7.2B in early April, the lowest since February 2024.
- March volume slid to $163B, nearly half January 2025’s peak, as the spot?ETF plus short?futures basis trade unwound and leveraged funds exited.
- With a