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Bitcoin Open Interest Drops 11% Amid Price Rally

Guavy AI Editorial Team
Instruments
BTC
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The Bitcoin price rally from August 12 to 18 saw open interest drop by 11% in BTC terms, signaling a shift towards spot-driven buying and reduced leverage in the market.

This decline in open interest is measured in BTC terms, not U.S. dollar terms, which rose about 8% due to the price increase outpacing the drop in contract count.

Santiment noted that while the notional value of derivatives increased, the actual number of contracts decreased, indicating reduced leverage per contract.

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