cme bitcoin futures just flipped binance open interest at $13.2b vs $12.8b. jane street moved $2.4b from binance to cme in 6 months. millennium shifted 80% of derivatives to regulated venues. but binance funding still averaging 15-20% vs cme basis at 8-12%. that 500+ bps spread is free money if you can stomach the counterparty risk on size. the gap won't last once more funds figure out the cross-margining with coinbase custody makes capital efficiency match perpetuals. ...

Core Insights - Bitcoin's recent price surge to an all-time high of $125,708 may not reflect strong market fundamentals, as active network addresses have decreased, indicating a negative divergence between price and on-chain activity [1][2][3] - The decline in active wallet addresses suggests that the rally is driven more by speculative trading rather than broad market participation, raising concerns about the sustainability of the price increase [2][3][6] Market Activity - The daily count of active wallet addresses, based on a 14-day moving average, is nearing its lowest level since April 2020, which is a concerning sign for the market [2][3] - A sustainable price increase typically requires a rise in network activity, which is currently lacking, indicating potential instability in the current bull run [3][6] Futures Market - Bitcoin's futures open interest has reached a year-to-date high of $92.14 billion, reflecting a 10% increase since October 1, which may signal an overheated market [4][5] - High leverage in futures trading can lead to significant corrections if market sentiment shifts, as minor liquidations could trigger steep price declines [5] Price Stability Concerns - The current trend of declining network activity alongside rising prices is viewed as a warning sign, suggesting that the price may lack strong fundamental support [6]

What the $1.25 Billion Bitcoin Futures Flush Means for Markets► https://t.co/42nND53pES https://t.co/42nND53pES ...

Trump’s Pro-Crypto Orders See Bitcoin Futures Open Interest Jump, Then Unwind► https://t.co/s5jBHzKp8Y https://t.co/s5jBHzKp8Y ...

Market Trends - ETH futures volume surpassed BTC futures volume, with $62.1 billion versus $61.7 billion respectively [1] - Corporations added 159,000 BTC to their treasuries in Q2 [1]

Market Trends - Institutional demand for Bitcoin futures may be decreasing, indicated by a reduced premium on CME Group's Bitcoin futures [1]