Bitcoin CME Futures

Explore key data* and updated charts on Bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME) in this section. Here you can visualize open interest, volume, institutional positioning, and dynamics influencing the price of Bitcoin from a professional and traditional market-oriented perspective.

* Data is extracted from the CME Commitment of Traders (COT). This report is published weekly, therefore, the data in the charts will be updated once it is presented.

Open Interest

Relationship between Open Interest of CME Bitcoin Futures and the price of Bitcoin.

Current Position in BTC

Size of long and short positions for the different participants in the CME market. See participant references.

Number of Current Traders

Number of long and short participants, by category. See participant references.

History of All Positions

History of all open positions in the CME market, in relation to the price of Bitcoin. Positions are separated into long and short, and by participant type. See participant references.

Subscribe for full data access

To unlock the full potential of our tools you need to subscribe to any of our plans Upgrade

History of Net Positions

History of all net positions (Long - Short = Net) in the CME market, in relation to the price of Bitcoin. Positions are separated by participant type to evaluate market behavior and investment trends.

Number of Long/Short Traders by Classification

Evolution of the number of long and short participants, for each category. See participant references.

Gross Concentration of Large Entities

The upper part of the chart represents long positions, while the lower part shows short positions. The vertical scale indicates the percentage of market concentration. Two levels of concentration are presented: that of the 4 and the 8 largest traders, offering a clear view of how market control is distributed among the main players.

History of Change in Open Interest (Longs vs Shorts)

Daily variation in open interest, for each group of participants. The data for each day is represented by two consecutive bars, separating long and short positions. It allows identifying when participants significantly increase or decrease their positions based on their market readings. See participant references.

Change in Open Interest (Open vs Close)

Opens and Closes of Long and Short positions during the last trading day, for each participant. See participant references.

CFTC Reports

Actors | Download Reports | View Current Report | Explanatory Notes

The CFTC (U.S. Commodity Futures Trading Commission) futures reports classify market participants into four categories:

  • 🏦 Dealer

    Large Financial Institutions that offer access to and execution of BTC futures:

    • Goldman Sachs: Reactivated its crypto derivatives trading desk and offers Bitcoin futures to institutional clients through CME.

    • DRW (Cumberland): A very active institutional broker as a liquidity provider in crypto, operates directly on CME.

    • BNP Paribas: Has explored financial products linked to crypto assets and has infrastructure for derivatives trading.

    • Interactive Brokers: Provides direct access to Bitcoin futures on CME for institutional and sophisticated retail traders.

    • Marex: Institutional brokerage services provider offering crypto derivatives through CME and OTC.

  • 🏢 Asset Manager (Institutional)

    Investment funds and institutional managers who have shown interest or exposure to BTC derivatives:

    • BlackRock: Through its iShares Bitcoin Trust (IBIT) ETF and regulatory filings, it is known to invest in Bitcoin futures.

    • Vanguard (although historically skeptical): Has indirect exposure to futures through participation in third-party funds.

    • WisdomTree: Offers financial products with exposure to cryptocurrencies and may use futures to replicate returns.

    • ARK Invest: Through its ARK 21Shares ETF, it uses derivative instruments for BTC exposure.

    • SkyBridge Capital (Anthony Scaramucci): Has traded futures and funds with direct exposure to BTC and derivatives.

  • 📈 Leveraged Funds (Hedge Funds and Proprietary Trading)

    Institutional traders and hedge funds that actively trade BTC derivatives:

    • Citadel Securities: While not directly in BTC initially, they have expanded into digital assets, and their entry into derivatives is imminent.

    • Radix Trading: Quantitative firm with automated operations in digital asset derivatives.

    • Jump Trading: Quantitative firm that trades crypto asset derivatives on multiple exchanges, including CME.

    • Alameda Research (before FTX bankruptcy): Was one of the most active traders in crypto derivatives, including CME.

    • Three Arrows Capital (3AC) (before its collapse): Participated in leveraged trading of BTC futures.

  • 🏭 Other Reportables (Companies with direct exposure)

    Institutional traders and hedge funds that actively trade BTC derivatives:

    • Coinbase: Can use derivatives for internal hedging, in addition to offering related products to institutions.

    • Robinhood Markets: Has indirect exposure to BTC and could use futures to balance product exposure.

    • Riot Platforms (formerly Riot Blockchain): Bitcoin mining company that can hedge with futures against the volatility of the BTC price.

    • Marathon Digital Holdings: Similar to Riot, uses derivatives to protect future BTC revenues.

    • MicroStrategy: Although it buys spot, it could use futures for tactical hedging or temporary exposure management.

Hedging Strategies with Bitcoin Futures Contracts on the CME

Bitcoin futures contracts on the Chicago Mercantile Exchange (CME) offer investors and companies the possibility of managing the risk associated with the volatility of Bitcoin's price. These financial tools are fundamental for implementing effective hedging strategies in the cryptocurrency market.

What are Bitcoin Futures Contracts on the CME?

Bitcoin futures contracts are standardized agreements to buy or sell a specific amount of Bitcoin at a predetermined price on a future date. The CME offers regulated contracts with the following characteristics:

  • Contract size: 5 Bitcoins (standard) and 0.1 Bitcoins (micro contracts)
  • Cash settlement: In US dollars, without handling physical Bitcoin
  • Extended trading hours: Greater responsiveness to global market events

What is leverage on CME?

It is the relationship between the total value of the contract and the required margin (i.e., how much capital you have to deposit to open a position).

Leverage = Contract Value / Required Margin

Example:

Standard Bitcoin (BTC) futures contract Each contract = 5 BTC

If BTC is trading at USD 60,000, then the contract is worth: 5 × 60,000 = USD 300,000

Suppose the CME requires an initial margin of USD 60,000 (this varies with volatility).

Then the leverage is: 300,000 / 60,000 = 5x

Futures contract expirations

Bitcoin futures contracts are not perpetual; they have monthly expirations.

What happens if a futures contract expires?

If the trader does nothing and has an open position on the expiration date:

The contract is automatically cash settled. There is no physical delivery of Bitcoin. The gain or loss is calculated with respect to the final settlement price published by the CME on that day.

Can you move to a new contract? (Rollover)

Yes, this is called "rollover" and it is a very common practice. It consists of:

Closing the contract that is about to expire, and opening a new position in a contract with a later expiration (for example, the one for the following month). This can be done manually or automatically with algorithms or brokers that manage it.

Does rollover have a cost?

Yes, there can be several associated costs:

  1. Trading commissions: two operations are executed (one to close and one to open).
  2. Price difference between contracts (roll yield): the new contract may have a different price than the previous one.
    • If contracts are in contango (the new one is more expensive), you pay a difference.
    • If they are in backwardation (the new one is cheaper), you gain from the difference.
  3. Slippage: if there is low liquidity, you pay more for execution.

What is a Hedging Strategy?

Hedging is a strategy used to protect a position or asset against adverse price movements. Through futures contracts, investors can lock in future prices and mitigate the impact of Bitcoin market volatility.

Main Hedging Strategies

1. Short Hedge

Description: Selling a futures contract to protect against a potential decline in the price of Bitcoin.

Applications:

  • Bitcoin miners who want to secure future selling prices
  • Investors with long positions seeking protection against declines

Example: A miner