CME Bitcoin Open Interest Increases by 850 Contracts This Week

Black Wednesday ended up wiping out more than $7.5 billion in Bitcoin open interest and is currently at levels last seen in early February.

With almost all the 2021 uptrend retracted by the market and billions of dollars cleared out in liquidations, it makes sense that the OI would also get more than halved.

This substantial deleveraging in futures markets has the CME’s market share in open interest in Bitcoin futures rising from 11.74% on April 18 to now surpassing 14% though it is still down from almost 19% on Jan. 9, 2021.

CME is currently in second place with $1.72 billion or 45.98k BTC in OI, followed by Binance’s $2.13 billion or 57.87k BTC, as per Bybt.

Binance’s market share has been as high as 21.74% on May 18 and is currently at 17.85%. OKEx, whose market share was just over 30% at the end of April 2020, is currently at a mere 11.55% and in 3rd place with 39.23k BTC ($1.45 billion), as per The Block data.

Interestingly, for the week ending May 21st, 2020, total open interest for CME Bitcoin increased by 850 contracts as spot prices tumbled from their ATHs.

Leveraged Funds on CME increased their long positions, but their positioning is about as net-short as it has ever been, as per Market Science.

Non-Reportable long positioning has plunged to its lowest levels since early 2019, while Other Reportable positioning remains close to record net-long levels with virtually no short exposure.

As for Ether, whose price tumbled 55% to $1,900 and is currently trading around $2,350, the OI has gone down to $5.78 billion from the high of $11.6 billion on May 10.

At 429.75k ETH in open interest ($1.01 billion), Binance is leading the ether futures market as well followed by FTX, Bitfinex, and Huobi at 345.66k ETH ($809.33 million), 336.16k ETH ($787.09 million), and 317.94k ETH ($744.42 million) respectively.

Unlike the Bitcoin futures market, CME has yet to gain a top position here as it is at the lower end of the top 10 with only 175.29k ETH in OI worth $410.43 million.

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