Bitcoin: All-time low, 29% in crypto-margin futures open interest, suggests risk-off environment – Crypto News – Crypto News
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Bitcoin: All-time low, 29% in crypto-margin futures open interest, suggests risk-off environment – Crypto News

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Futures open interest is the total amount of funds (USD Value) allocated in open futures contracts.

At the time of writing, futures open interest is around 415k BTC, equivalent to $8.5bn. However, the instrument that is being used is either margined in USD or USD-pegged stablecoins or crypto margin ie BTC.

Crypto vs Cash: (Source: Glassnode)

Currently, crypto margin is at an all-time low (29%), for the percentage of futures contracts open interest that is margined in Bitcoin.

This suggests the environment in 2023 is risk off as 60k BTC in open interest has declined since the turn of the year.

Percent Futures Open Interest Crypto-Margined: (Source: Glassnode)

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