Bitcoin Favored Over Ether by CME Traders So Far This Year, Arcane Research Report Shows Open interest in bitcoin futures on the Chicago Mercantile Exchange has risen while ether’s has declined, according to an Arcane Research report. Institutional traders are prioritizing bitcoin over ether exposure so far in 2023, according to a report from digital asset analysis firm Arcane Research. Open interest in bitcoin (BTC) futures listed on the derivatives giant Chicago Mercantile Exchange (CME) has climbed 6% this year while CME’s ether (ETH) futures have declined by 29% in open interest, Arcane Research said. Open interest is the total number of outstanding derivative contracts that have not been settled for an asset. “This open interest trend deviates from the normal trend in CME futures, and it illustrates that BTC has led the early 2023 market strength,” Arcane Research's Bendik Schei and Vetle Lunde wrote in the report. Smaller altcoins have also rallied in January, driven by short squeezes, poor liquidity and increased risk appetite among retail investors emboldened by BTC’s surge, the report noted. In contrast, ether hasn't jumped similarly to BTC, which could explain ETH’s relatively weak start in January compared to other altcoins, according to the report. Full Article: https://www.coindesk.com/markets/2023/02/07/bitcoin-favored-over-ether-by-cme-traders-so-far-this-year-arcane-research-report-shows/