Bitcoin Holds Near $86,000 as Futures Open Interest Drops $1.4 Billion

Bitcoin continued to trade near the $86,000 mark on Monday, as the spot market saw renewed buying activity while futures open interest declined significantly. According to Glassnode’s latest Market Pulse report, Bitcoin’s futures open interest dropped by $1.4 billion last week, falling from $38.0 billion to $36.6 billion. This decrease suggests a cooling of speculative positioning that had built up during the asset’s recent price surge.

The reduction in futures open interest was accompanied by a similar drop in options open interest following the quarterly expiry. However, not all traders retreated, as long-side funding payments in perpetual futures rose from $926,400 to $1.5 million, indicating continued demand for leveraged long positions.

On the spot market, trading activity showed increased buyer presence. The cumulative volume delta, which tracks the balance between buyer- and seller-initiated trades, shifted from negative $102.8 million to positive $33.2 million. This suggests that buyer-driven trades outpaced seller-driven ones. Additionally, exchange-traded fund (ETF) demand remained positive, though inflows were smaller compared to earlier surges.

Several on-chain metrics reflected heightened Bitcoin network activity. Glassnode’s Hot Capital Share increased from 18.9% to 19.5%, indicating active capital rotation. The ratio of supply held by short-term holders compared to long-term holders also climbed from 13.7% to 14.2%. Network activity remained robust, with active addresses, fee levels, and transfer volume all exceeding their high bands.

At the time of reporting, Bitcoin was trading at $85,987, up 0.17% over 24 hours, 2.64% over the past week, and 7.54% over the past 30 days.