Coinbase · Bitcoin · CME Group · CryptoSlate
Large Bitcoin derivatives gap between CME and Coinbase threatens violent position shakeout
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Leveraged funds held a 41,252 BTC-equivalent net short across CME Bitcoin futures, including standard and Micro contracts on Aug. 25, while the CFTC snapshot showed the same category net long 151 BTC in Coinbase's nano Bitcoin perpetual-style contract.
Key facts
- Farside data show US spot Bitcoin ETFs absorbed $1.12 billion from Aug. 24 through Aug. 27, then lost $201 million on Aug. 28
- Leveraged funds held a 41,252 BTC-equivalent net short across CME Bitcoin futures, including standard and Micro contracts on Aug
- A standard CME Bitcoin futures contract represents 5 BTC and a Micro Bitcoin futures contract represents 0.1 BTC, according to CME's specifications
- The report showed 118,267 BTC-equivalent of open interest across the two CME products, compared with 2,322 BTC on Coinbase
Summary
01 CME leveraged funds held a 41,252.1 BTC-equivalent net short on Aug. 25. 02 CME Bitcoin open interest was about 51 times Coinbase's nano perpetual market. 03 Hedges could offset a squeeze, so the data do not reveal the unwind's price direction. For the next forced unwind, the important distinction is scale rather than an evenly matched directional split.