Open interest in CME Bitcoin futures fell to roughly 123,000 BTC, the lowest since February 2024, as compressed basis yields made institutional cash-and-carry trades no longer worth running. Binance has now passed CME in futures open interest for the first time since 2023. The migration matters beyond the headline number, since market makers pulling two-sided liquidity from regulated domestic venues toward offshore perpetuals tends to make price moves sharper in both directions.