Insights

Bitcoin open interest drops almost 15% in the past two weeks

exchange68September 13, 2024

0 0 1 minute read

Quick Take

Futures Open Interest (OI) is the total amount of funds (USD Value) allocated in open futures contracts.
The OI peaked in October 2022 — with roughly 667,000 BTC allocated in open interest contracts.
Roughly there are now 368,000 BTC allocated in OI contracts — a decrease of 300,000 Bitcoin.
Bitcoin has jumped in price from $19,000 to $26,000 while seeing leverage unwound. This is extremely healthy.
In the past two weeks, we have seen roughly a decrease in OI by about 15% — now at similar levels in early 2022.
For this trend to continue, OI must decline while spot Bitcoin accumulates.

Futures Open Interest: (Source: Glassnode)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.