Bitcoin Futures OI Hits Record 762,700 BTC Amid 10% Price Slump
Bitcoin futures open interest surged to a record 762,700 BTC, marking a 13% rise in two weeks even after a 10% price correction to $109,400. The slump followed an $11 billion whale sell-off from the $121,000 peak. Despite $284 million in long liquidations, futures demand remains strong. The two-month futures premium stands at 8% annualized, and funding rates hover at 8–12%, signalling neutral Bitcoin futures sentiment. Put-call skew of 10% reflects lingering bearish pressure. US spot Bitcoin ETFs saw $1.2 billion in outflows last week. Traders are eyeing a $13.8 billion options expiry on Friday and potential ETF inflows as catalysts. While futures open interest suggests ongoing market engagement, high leverage means a dip below $110,000 could trigger further liquidations. Many now target a recovery towards $120,000.
Neutral
The record surge in Bitcoin futures open interest signals strong trader engagement, yet high leverage levels, recent $284 million long liquidations and a 10% put-call skew highlight persistent bearish pressure. Spot ETF outflows of $1.2 billion and neutral funding rates dampen optimism, while the looming $13.8 billion options expiry introduces potential volatility. Short term, a drop below $110,000 may trigger further liquidations. Long term, renewed ETF inflows and expiry-driven moves could support a rebound toward $120,000, balancing the overall market outlook.