Bitcoin Faces Potential Price Pullback as CME Futures Interest Spikes 30% in 4 Weeks
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CME Bitcoin futures open interest has surged 30% in 4 weeks, indicating potential for interim BTC price pullback based on historical trends.
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CME share of total futures market has increased as traders move away from Binance, but Binance still dominates perpetual futures.
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Open interest spike doesn't necessarily mean traders are universally bullish - shorts could be crowded out on Binance as open interest there declines.
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Lessons from 1970s gold market suggest Bitcoin could see deep correction after spot ETF approval if expected inflows don't materialize.
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Guest Amkar Goli, CoinDesk markets team co-managing editor, notes pattern of Bitcoin trend changes following short-term open interest spikes.