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Whales on CME Futures Awakened Ahead of Bitcoin Halving

According to the latest CFTC report, the Open Interest (OI) indicator for bitcoin futures on the regulated CME is showing a sharp increase.

As you can see on the chart, the OI indicator reached the February mark. Prior to this, equally high values ​​were observed in the middle of last year, when bitcoin was trading above $ 10,000. According to Arcane Research analysts, the current situation may indicate a revival of interest in BTC by professional traders.

The following image shows that retail investors by a large margin are holding long positions. At the same time, large players (Non-Commercial) are not yet in a hurry to actively increase their longs.

However, according to skew, investment funds (Leveraged Funds) still slightly reduced shorts.

The graph from Unfolded shows that the activity of retail investors (green line) often correlates with the price of bitcoin.

The current activation of investors may indicate that they have a positive perception of bitcoin halving, which will take place on May 12. Halving the miners’ rewards for the mined block will reduce the already low inflation of the first cryptocurrency, making it an even more scarce asset. This means that the price of the latter will inevitably rise with constant or growing demand.

ForkLog previously reported a decline in institutional activity on CME amid widespread market collapse in early March.

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