CME Bitcoin Derivatives Position Exceeds Coinbase by 50.9 Times

As of August 25, the leveraged funds for CME Bitcoin futures had 3,181 contracts bought and 11,270 contracts sold. Micro Bitcoin futures recorded 15,753 contracts bought and 22,467 contracts sold. The net short position for leveraged funds is calculated to be approximately 41,116 BTC, while CME's net short is presented as 41,252.1 BTC. The CME standard Bitcoin open interest stands at 22,819 contracts, and micro Bitcoin has 41,727 contracts, totaling 118,267.7 BTC. Coinbase's nano Bitcoin contracts show an open interest of 23,258 contracts and a net purchase of 15,162 contracts, with the net purchase amounting to only 151.62 BTC. CME's open interest is about 50.9 times that of Coinbase's nano BTC contracts. The CFTC's weekly position is a snapshot of futures accounts and is not linked to spot Bitcoin, ETFs, or positions from other exchanges. It remains to be seen whether the shorts on the CME are directional sales or part of basis trading, as additional data is needed. From August 24 to 27, the U.S. spot Bitcoin ETF recorded a net inflow, but on August 28, it reversed with a net outflow of $209 million. The total net inflow over the five trading days was approximately $924.5 million. CoinDesk reported that around $6.4 billion in leveraged short positions were liquidated since August 24.

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