Bitcoin Derivatives: Low Metrics Despite High Open Interest
Bitcoin derivatives market dey show mixed signals. Open interest for BTC futures don reach all-time high together with steady positive funding rates plus call-heavy options skew, weh dey suggest say market get bullish bias. But experts like Bitwise's Jeff Park talk say implied volatility and liquidity still dey low, and speculative leverage no too high. Dis “coiled spring” situation—wey open interest high but volatility low—mean say better upside fit happen once main catalysts like ETF approvals, company treasury allocations or macroeconomic changes come through. Traders suppose dey watch Bitcoin derivatives metrics like open interest, funding rates, and CME basis to manage risk and position for potential rally.
Bullish
Di mix of record-high open interest, positive funding rates and call-heavy options skew dey support bullish mindset for short term, show say traders dey active. At di same time, suppressed implied volatility and low liquidity mean say plenty speculative leverage never dey used, e cause ‘coiled spring’ effect. History show say wen catalysts like ETF approvals or big corporate allocations show, trapped derivative demand fit trigger sharp price moves. So, even if immediate volatility fit stay low, di medium to long term outlook for Bitcoin na bullish as traders dey position before possible capital inflows.