CFTC regulated bitcoin futures open interest plummets, as large reportable hedge fund traders nears all time lows

What a difference a month makes. Not even 6 weeks ago we published a report which highlighted the building momentum within CME Group's bitcoin futures product. Both open interest and volumes were tracking near 8 month highs, with more than 100% growth YTD and year-over-year (February 13th); while the product also registered an all time high number of total reportable traders (56) with the concentration of the largest long traders at all time lows (~20%).

And then a coronavirus induced sell-off routed global markets, sparing neither equities, gold, treasuries, or bitcoin.