Open Interest Trends in BTC and ETH Futures

Open interest (OI) of longs on CME Bitcoin (BTC) futures by asset managers rose by 2.28% to $4.97 billion two weeks ago. This figure represents the lowest point since early March and is a significant decline from the all-time high of $6.74 billion observed in the first week of July.

Recently, OI rebounded to $5.64 billion last week, suggesting that asset managers may be lessening their long exposure to BTC due to market volatility or for risk management amid macroeconomic uncertainty. Despite the dip, this level of OI is still considerably higher than last year, which was merely $1.24 billion, showcasing considerable growth in institutional long interest in BTC.

Meanwhile, OI of longs on CME Ethereum (ETH) futures by hedge funds dropped to a yearly low of $136.26 million, marking the lowest since mid-October 2023, when it stood at $138.47 million. This reduction may indicate a more cautious approach by hedge funds or an enhanced desire to hedge their positions.

Conversely, long OI for CME ETH futures by asset managers remains relatively robust at $419.63 million last week. This figure is nearly twice the $214 million recorded at the beginning of the year, signaling that institutional interest in ETH persists, despite recent market fluctuations.

This is an excerpt from The Block’s Data & Insights newsletter. Dig into the numbers that shape the industry’s most thought-provoking trends.