Bitcoin Price Rally Not Matched by Trading Interest

Bitcoin's recent 40% price rise in the third quarter has not been matched by increased interest in futures trading, which is nearing its yearly lows. According to data from Coinglass, reported by CoinDesk, open interest in Bitcoin futures has fallen to approximately 652,000 BTC.

This figure represents contracts that have not yet been closed and had reached as high as 800,000 BTC earlier in the year. The decline in positions held in the futures market indicates that investors remain cautious despite the strong price recovery.

The annualized average funding rate on perpetual futures at major exchanges has turned negative, at minus 0.3%. This means holders of short positions are paying those holding long positions, indicating stronger demand for trading on a decline.