Binance is now the largest open interest platform in BTC futures, with around 125K BTC (€11.2 billion notional).

In contrast, CME's open interest has dropped to 123K BTC, the lowest level since February 2024, reflecting the liquidation of base trades and a cooling of institutional demand.

Practical takeaway: leverage is migrating to crypto exchanges, while institutional capital is reducing exposure — a scenario that increases sensitivity to squeezes and short-term volatility.

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