Bitcoin’s price was rallying before CFTC charges hit BitMEX, and immediately after, retail traders started scaling back positions on BitMEX. Open interest in XBTUSD perpetual contracts on BitMEX dropped to 55000 BTC. 

BTC Perpetual Swap Funding Rate || Source: Skew

The funding rate dropped below -0.05% in the first week of October in response to the CFTC charges, however, the recovery is nowhere close to complete. Several derivatives traders shifted to CME and Deribit, and the open interest…

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