Bitcoin open interest has reached levels not seen since 2024, prompting questions about the current state of BTC futures and traditional finance’s (TradFi) involvement. The focus keywords ‘Bitcoin open interest’ and ‘BTC futures’ are central to understanding the dynamics at play.
Bitcoin Open Interest Drops
The aggregate Bitcoin futures open interest plummeted to $34 billion, marking a 28% drop from the previous month. This decline has led to concerns about a potential retest of the $60,000 support level. Despite this, when measured in Bitcoin terms, open interest remains stable at approximately BTC 502,450, indicating that leverage demand has not significantly decreased.
Market Reactions and Economic Indicators
The decline in Bitcoin open interest coincides with weak US jobs data, pointing to potential bearish market sentiments. As gold maintains its strength and the S&P 500 is near its all-time high, Bitcoin struggles to sustain prices above $72,000. The US Labor Department’s report of only 181,000 new jobs in 2025 adds to the uncertainty, although the White House attributes this to slowed population growth due to immigration policies.
Impact on Bitcoin Futures and Institutional Demand
The weak demand for bullish leverage positions in Bitcoin futures is causing concern among investors. The annualized funding rate for Bitcoin futures has remained below the neutral 12% mark for four months, indicating fear in the market. This is compounded by the BTC options delta skew at Deribit, which surged to 22%, showing a preference for put options.
Despite these challenges, the average daily trading volume in US-listed Bitcoin ETFs remains robust at $5.4 billion, suggesting that institutional interest has not completely waned. The future trajectory of Bitcoin will likely hinge on clearer economic signals, particularly from the labor market.
