The Ether futures at CME have been trading on a negative basis recently, which basically means that they are trading below the spot price. This has caused Ether futures on the CME to fall to the lowest level since its launch.
The ether-denominated open interest in the CME had previously reached a new all-time high in April. Since then, however, the OI has continued to decline, while there were further declines last weekend. This means an extremely bad development for the month of June.
Towards the end of the month, the three-month Ether base has now decoupled from Bitcoin and was trading below the spot price. This is the first time that the ether base has fallen so low.
As a result, asset managers have taken a predominantly bearish stance. It was found that since mid-June, they have a net short position on Ethereum (shorten the Ethereum price), which was at $ 37 million. This figure has since fallen, but only slightly and now stands at $ 32 million (as of last week). The ether futures base is now at -2,33%, while Bitcoin exists at 0,63%.