With a favorable environment for alternative cryptocurrencies far away, a rise in open interest in AXS futures implies traders shorting the rally, one trader said.
The record discount in the front-month bitcoin futures traded on the CME indicates institutions are biased bearish. The discount may attract arbitrageurs.
Open interest has doubled to $203 million, with bearish bets in demand, as Binance's entry into the FTX-Alameda drama has caused panic among investors.
Los contratos con margen en efectivo son relativamente concisos y matemáticamente no convexos, lo que los hace más fáciles de entender para los inversores minoristas y más fáciles de liquidar para los exchanges, aseguró un trader de volatilidad.
Cash-margined contracts are relatively concise and not mathematically convex, making them easier for retail investors to understand and easier for exchanges to liquidate, one volatility trader said.