Perp OI approaches yearly highs

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08 Sep 2025

Perp OI approaches yearly highs

ETP flows are stagnant, spot volumes are at one-month lows, and CME open interest hovers near yearly lows. The outlier is found in perps, as notional open interest has reapproached yearly highs amidst the low volatility.

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Leverage climbs steadily

Bitcoin has seen a mild uptrend this week with higher lows since September 5, but broader market activity remains muted. Exchange-traded product (ETP) flows are modestly positive for the second week in a row, adding 5,678 BTC, signaling a pause in the outflow trend seen in mid-August. However, spot market activity is subdued, with average daily volumes falling to a one-month low of $2.5 billion, and overall passivity persists across most trading venues.Volatility has compressed, with BTC’s 7-day volatility dro