Bitcoin (BTC) has decreased open benefits (OI) to its lowest level since August, where it is currently 413000 BTC ($ 36 billion), according to Glassnode data. OI represents the total funds allocated in distinguished future contracts, which effectively measures the amount of leverage in the Bitcoin system.
Since these contracts are denied by the dollar, their value fluctuates at Bitcoin price. To provide a more stable scale, we assess the open interest in bitcoin conditions, eliminating price -based deformities.
Glassnode data shows that since November, Bitcoin’s open interest has decreased from 546000 BTC to 413000 BTC in all exchanges, with a large part of this decline attributed to CME open interest relaxation, especially in Trade foundation.
Meanwhile, Bitcoin fell from $ 109,000 to $ 78,000 and then recovered to 90,000 dollars. This may assume that a large part of this last update was driven by a spot instead of being driven.
In addition, Binance-the second largest exchange by OI-has witnessed its decrease in OI to the lowest level in 12 months slightly more than 100000 BTC, indicating that the financial lever has decreased significantly from the retail perspective. This decrease reflects a sharp decrease in speculative activity, driven by the volatility of Bitcoin’s severe prices over the past few months.
Moreover, the open interest decreased as a percentage of the maximum Bitcoin market to less than 2 % for the first time since February 2024, confirming the sharp decrease in speculation and leverage.
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