CME loses top spot to Binance in bitcoin futures open interest as institutional demand wanes

The CME has lost its place as the number one exchange for bitcoin (BTC) futures open interest (OI). Binance has now overtaken CME as the largest venue by OI according to CoinGlass data, with Binance holding roughly 125,000 BTC ($11.2 billion in notional value) against the CME's of 123,000 BTC ($11 billion). CME OI started the year at 175,000 BTC, but that level has steadily fallen as the profitability of the basis trade — in which traders buy spot bitcoin while simultaneously selling futures to capture t ...