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In July, Bitcoin's derivatives market underwent a significant yet understated shift. While at first glance, the massive reduction in futures and options open interest, over $15 billion wiped out, might hint at dwindling investor interest, the reality tells a strategic tale of de-risking and repositioning. Futures open interest experienced a dramatic downfall prompted by long liquidation waves, revealing fragilities in speculative strategies. Meanwhile, a record options expiry didn't leave Bitcoin's price wobbling ,suggesting a structural resilience. But what does this newfound stability herald for the crypto giant in Q3? The next catalyst could redefine the landscape...
End of the quarter wipes out billions from Bitcoin open interest End of the quarter wipes out billions from Bitcoin open interest
Options expiry in June erased over $15 billion in open interest (OI) without moving spot price.
4 min read
Updated: Jul. 2, 2025 at 11:57 pm UTC
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