CME Bitcoin Futures Surge 80% Due to Spot ETF Basis Trades 📈
#CME Bitcoin futures open interest surged 80%, driven by spot ETF basis trades, says K33 research. Since #BlackRock 's spot Bitcoin ETF filing on June 15, open interest rose from 9,000 to 16,000 contracts.
Analyst Vetle Lunde notes traders are buying Bitcoin in the spot market and selling futures contracts to profit from price differences, expecting spot #ETF approval to narrow these prices. This rise is due to structured trades, not speculation like in 2021.
