A small number of large traders hold a disproportionate share of CME Bitcoin futures open interest, creating what analysts describe as a « crowded club, tiny exit » problem. Open interest fell from roughly $61 billion early in 2026 to the $49 billion to $52 billion range by mid-year, before partially recovering to around $50 billion by late April. This concentration means the market’s liquidity profile looks healthy in calm conditions but could deteriorate rapidly under stress. Starting in May 2026, CME Group expanded its crypto futures and options trading to a 24/7 operational model, meaning a stress event can now trigger immediate liquidations at any hour and amplify moves in spot markets and perpetual swaps on offshore exchanges.
Source: Read the original article
