The open interest (OI) of Bitcoin futures on the Chicago Mercantile Exchange (CME) has dropped to $8.41 billion, hitting a 14-month low. Glassnode analysts pointed out that this trend is mainly driven by the unwinding of basis trades. Previously, this strategy involved establishing long positions via spot ETFs and hedging with short futures to earn the spread. However, the annualized yield has recently fallen from 15%-20% to around 5%, prompting institutions to take profits. Additionally, the daily trading volume of CME Bitcoin futures has shrunk to below $3 billion. Analysts believe that as institutional demand shifts toward directly holding spot assets, the leverage level in the futures market is significantly decreasing. (TheBlock) https://(wublock123.com)/news/cme-bitcoin-futures-open-interest-falls-to-8-41b-59403