Volume tells you what moved. Open interest tells you what stayed, because a contract only exists while two parties are willing to carry it, and it cannot be inflated by turnover.
| Contract | Open interest, January | Latest | Change | Notional |
|---|---|---|---|---|
| CME bitcoin futures | 22,168 | 18,832 | −15% | $6.0bn |
| CME ether futures | 37,920 | 21,746 | −43% | $1.9bn |
| CME micro bitcoin futures | 27,086 | 24,658 | −9% | $156.1m |
| CME micro ether futures | 102,523 | 42,958 | −58% | $7.6m |
| CME micro solana futures | 3,540 | 1,348 | −62% | $2.7m |
Asset managers’ net position in CME bitcoin futures
Net long minus short, in contracts, weekly.
Source: CFTC Commitments of Traders, Traders in Financial Futures, futures only. Prices are Coinbase daily closes. Computed by Institutional Asset Journal.
What the categories mean
The CFTC sorts every reportable participant into five groups. Asset Manager or Institutional covers pensions, endowments, insurers, mutual funds and the managers acting for them. Leveraged Funds covers hedge funds and commodity trading advisers. Dealer or Intermediary is the sell side. The assignment is made when a firm registers and is slow to change.
How this was measured
- Figures are taken from the CFTC’s Commitments of Traders release, Traders in Financial Futures, futures only. That report covers positions held at the close on a Tuesday and is published the following Friday at 15:30 Eastern, so every reading here is three days old on the day it appears. Net positions exclude spread holdings, which the CFTC reports separately. Notional values apply the CME contract multiplier and the Coinbase daily close on the report date. Restatements by the CFTC are carried through rather than footnoted.
