21 Mar 2022

Remarkably stable open interest in the BTC futures market

Open interest in the BTC futures market has remained stable at 360k-380k BTC throughout 2022.
Source: Skew
During bitcoins prolonged consolidation, the open interest in the bitcoin futures market has been remarkably steady.The 30-day volatility of the BTC denominated open interest sits at 1.5% and bottomed at 1% on March 5th. This is far lower than the previous lows of 2% seen in July, late August, and early December, and overall suggests that activity from traders is unusually low at the moment.
Source: Skew
The flat trend in open interest is a result of fewer liquidations as bitcoin trades within a narrow trading range, in addition to less activity from traders during this very uncertain market climate.Overall, the BTC denominated open interest remains relatively lofty at 370,000 BTC. We’ve rarely seen open interest being maintained at such levels for such a long duration without any major squeeze setbacks such as those experienced during the spring and fall bull markets and bitcoin’s short squeeze in July.
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