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Shift from crypto to cash-margined contracts continues post-2024 halving Shift from crypto to cash-margined contracts continues post-2024 halving News Desk · 4 months ago
Insights BitcoinHighlight

Shift from crypto to cash-margined contracts continues post-2024 halving

Data via Glassnode

Bitcoin price increase correlates with reduced crypto-margined futures interest.

News Desk / @cryptoslate / Jul. 11, 2024 at 11:30 pm UTC

On-chain Highlights

DEFINITION:ย 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.

Bitcoin’s percentage of crypto-margined futures open interest on all exchanges shows notable fluctuations. The percentage declined from around 23% in January 2024 to approximately 20% by mid-February, aligning with a rising Bitcoin price. Notably, after the April 2024 halving, the metric saw heightened volatility, spiking above 27% before retreating below 24% by June.

Bitcoin: Percent Futures Open Interest Crypto-Margined: (Source: Glassnode)
Bitcoin: Percent Futures Open Interest Crypto-Margined: (Source: Glassnode)

Looking at the historical data from 2021 to 2023, the percentage steadily decreased from around 70% to 25%, reflecting a broader shift towards cash-margined contracts.

Bitcoin: Percent Futures Open Interest Crypto-Margined: (Source: Glassnode)
Bitcoin: Percent Futures Open Interest Crypto-Margined: (Source: Glassnode)
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In this insight

Bitcoin BTC (24h)
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Vol: $79.7B MCap: $1.96T

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