Bitcoin Open Interest Drops to 413,000 BTC, Lowest Since August
Bitcoin's (BTC) open interest (OI) has dipped to 413,000 BTC ($36 billion), the lowest since August, per Glassnode data. OI reflects total funds in outstanding futures contracts and indicates leverage levels in the bitcoin market.
- Open interest decreased from 546,000 BTC since November across all exchanges.
- The decline is mainly due to unwinding of CME open interest linked to basis trades.
- Bitcoin’s price fluctuated, dropping from $109,000 to $78,000, then recovering to $90,000.
- Binance's OI has fallen to over 100,000 BTC, a 12-month low, indicating reduced retail leverage.
- Open interest as a percentage of bitcoin’s market cap is below 2% for the first time since February 2024.
