Bitcoin (BTC) open interest (OI) has fallen to its lowest level since August, currently standing at 413,000 BTC ($36 billion), according to Glassnode data. OI represents the total funds allocated in outstanding futures contracts, effectively measuring the amount of leverage in the bitcoin system.
Since these contracts are denominated in dollars, their value fluctuates with bitcoin’s price. To provide a more stable measure, we assess open interest in bitcoin terms, which eliminates price-based distortions.
Glassnode data shows that since November, bitcoin open interest has dropped from 546,000 BTC to 413,000 BTC across all exchanges, with a significant portion of this decline attributed to the unwinding of CME open interest, particularly in the basis trade.
Meanwhile, bitcoin dropped from $109,000 to $78,000 and then recovered to $90,000. This would assume that a large part of this recent run-up has been spot-driven rather than leverage-driven.
Additionally, Binance—the second-large
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