Quick Take
Binance has overtaken CME as the leading exchange in terms of Bitcoin futures open interest once again.
This change in ranking represents the total amount of funds allocated in open futures contracts, which now stands at approximately 105,000 BTC on Binance and roughly 101,000 BTC on CME.
The data reveals a key trend: the rotation from futures such as BITO into cheaper spot Bitcoin ETF products, triggered by the approval of the ETF. This strategic shift has resulted in a pronounced 30% drop in futures open interest on CME.
Furthermore, Binance’s market dominance is now nearing 30%, while the aggregate open interest continues to display a declining trend, resting at just under 400,000 Bitcoin. This represents one of the lowest levels in the past year.
The overarching narrative drawn from these developments is that investors are pivoting towards exposure to cheaper products, notably spot products.
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