The CME accounts for a majority of activity in standard futures market tied to bitcoin, one observer said, while explaining a relatively higher premium in futures listed on the Chicago-based exchange.
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.