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CryptoMedium•14 April 2026•

1 min read

CME Bitcoin Futures Activity Hits 14-Month Low as Basis Trades Unwind

Golden Bitcoin coins and wallets in front of the US Capitol building and American flag, with an upward trend graph.

Key Facts

1CME Bitcoin futures open interest fell to approximately 123,000 BTC, the lowest level since February 2024.

2CME lost its position as the largest Bitcoin futures exchange to Binance for the first time since November 2023.

Bitcoin open interest on the CME has plummeted to approximately 123,000 BTC, marking its lowest level since February 2024. This slump has caused CME to lose its crown as the largest Bitcoin futures exchange to Binance for the first time since November 2023. Analysts attribute the decline to the massive unwinding of 'basis trades' by institutional investors as yields continue to compress. As the profitability of cash-and-carry strategies diminishes, Wall Street firms are withdrawing capital from regulated derivatives markets. This shift signals a cooling of professional interest in Bitcoin futures amid changing market dynamics. While this reduces overall market leverage, it also highlights a significant retreat in institutional liquidity within the crypto ecosystem.