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Positioning Backdrop

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#1
Panigirtzoglou also covered the sharp increase in the open interest on both bitcoin futures and options. For CME contracts, it recovered faster than crypto exchanges and had a “steep” increase in both BTC and USD terms. Although CME’s OI has overtaken that of LedgerX, it’s way behind the nearly $1 bln OI on Deribit.

As for positioning in bitcoin futures, JP Morgan takes on cumulative weekly absolute changes in the open interest multiplied by the sign of the futures price change every week based on the rationale that when price increases so do the net long position of spec investors and magnitude of the increase and vice-a-versa.

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