Bitcoin derivatives gap between CME and Coinbase could trigger shakeout
CME was about 51x larger than Coinbase by the compared measure, with leveraged funds holding a far bigger net short across CME Bitcoin futures than Coinbase’s net long in nano perpetual-style contracts. CME’s futures unwind may depend on an uncovered second leg, so if shorts are directional a squeeze could force buying beyond Coinbase’s current net long, though snapshots can’t separate hedges from direction.