CME’s Bitcoin futures, which were considered representatives of institutional activities after President Donald Trump ruled out a trade deal with China, betted the underline on Monday with signs of weakened sentiment.
Futures contracts, which are expected to expire on the last Friday of April, began trading at $79,590, down 5.6% from the closing price of $84,250 on Friday, quickly falling to $76,800, Coindesk Data shows.
Losses were incurred as Dow futures fell 900 points, Chinese stocks crashed, and Japanese stock market slipped into underlayer circuit breakers.
On Sunday, Trump told Air Force reporters he wanted to resolve the trade deficit with China. “Unless I solve that problem, I’m not going to trade.”
Trump added that world leaders are almost dying to make a deal. Last week, the president announced swept tariffs from 180 countries, increasing China’s total collection to 54%. Since then, the financial market has been stagnating. The President believes it is a necessary medicine to solve the problem.
“I don’t want anything to get off, but sometimes I have to take my medication to fix something,” Trump said.
According to data source Coinglass, open interest in CME futures peaked at 281.57 BTC in December, falling to a low of 140.5K since August 2024.
Perhaps it’s a sign of money leaving the digital asset space in the hopes of deeper prices failing.
Meanwhile, open profits from global futures and permanent futures excluding CME have increased from around 400K BTC to 520BTC in the past four weeks.
The increase in open interest along with prices is said to confirm a bearish trend, indicating that traders are building short positions in the falling market.