Vetle Lunde, a senior researcher at K33 Research, said CME bitcoin futures unpositioned squaring contracts hit a nominal all-time high yesterday at 172,430 BTC. Futures premiums have climbed to a five-month high with a significant increase in unpositioned squaring contracts. Vetle believes the increase in unpositioned squaring contracts is being driven by active/direct market participants, rather than inflows from futures-based ETFs.