Coinglass A quiet but telling shift is unfolding in the crypto derivatives market, as one of the most reliable money-making trades shows signs of breaking down. The cash-and-carry trade — in which institutions bought spot Bitcoin and sold futures to capture pricing gaps — is collapsing and signaling a deeper shift in crypto’s market structure. Open interest in Bitcoin futures on the Chicago Mercantile Exchange has slipped below Binance’s for the first time since 2023, underscoring how tighter spreads and ...