New YorkBitcoin’s rally to $77,000 made the most money for firms that took no view on price.
Retail chases direction while market makers profit from the spread between spot and futures.
CME bitcoin futures open interest climbed from roughly 87,000 to 122,000 BTC as hedge funds turned net long.
Firms like Wintermute hold hundreds of millions in offsetting short positions on Hyperliquid.
Sources: CoinDesk