Bitcoin Futures Market Sees Low Open Interest Since October Reset

Glassnode's senior researcher highlights a decrease in activity within the Bitcoin perpetual futures market, describing it as a "ghost town" due to muted Open Interest levels.

Key Points:

  • The Bitcoin perpetual futures Open Interest has remained low since a significant decline in October.
  • This metric indicates the total open positions on centralized derivatives platforms.
  • Lower Open Interest suggests reduced speculative activity and potential stability in BTC pricing.
  • In mid-November, there was a slight increase in Open Interest, but it has since returned to previous lows.
  • The perpetual futures Funding Rate has been declining, indicating traders' reluctance to maintain leveraged long positions.

Current BTC price is approximately $90,500, showing a 6% increase over the past week.

Bitcoin Price Chart