Investors adopt risk-off approach as Bitcoin futures OI plummets to YTD low

There is less than 400k Bitcoin allocated in futures open contracts and 30% is crypto-margin heading to all-time lows.

James Van Straten
By James Van Straten
Former Lead Analyst CryptoSlate
This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
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Definition

The total amount of funds (USD Value) allocated in open futures contracts. While crypto backed-margin is the percentage of futures contracts' open interest that is margined in the native coin (e.g. BTC) and not in USD or a USD-pegged stablecoin.

Quick Take

  • Roughly 400,000 Bitcoin are currently allocated into futures open interest.
  • This is the lowest amount year-to-date, whilst almost 250,000 BTC less than November 2022.
  • The allocation of open interest is primarily in stablecoins or USD, roughly 70% of the allocation (277,000 BTC).
  • Crypto-backed margin is heading to all-time lows at roughly 30% allocation, indicative of a risk-off environment.
  • As the underlying asset of Bitcoin is volatile compared to a stablecoin or the dollar, this would take away a considerable amount of volatility.
Futures Open Interest: (Source: Glassnode)
Futures Open Interest: (Source: Glassnode)
Futures Open Interest Crypto Margined: (Source: Glassnode)
Futures Open Interest Crypto Margined: (Source: Glassnode)
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James Van Straten
James Van Straten
Former Lead Analyst CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.

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