Odaily Planet Daily reports that Cointelegraph stated on the X platform that the total open interest in Bitcoin futures has fallen to $34 billion, down 28% over the past 30 days, the lowest level since November 2024. However, the Bitcoin-denominated open interest remains stable at 502,450 BTC, indicating that leverage demand has not changed. Some of the decline is attributed to $5.2 billion in forced liquidations over the past two weeks.
Weak US employment data and Bitcoin options skew suggest a market shift to the downside. The US Department of Labor data shows that the US economy will add only 181,000 jobs in 2025. The annualized funding rate for Bitcoin futures has been below 12% for the past four months, indicating a neutral level. Deribit’s Bitcoin options delta skew has risen to 22%, indicating a premium on put (sell) options.
Despite the weakness indicated by derivatives metrics, the US spot Bitcoin ETF has an average daily trading volume of $5.4 billion, contradicting speculation of reduced institutional demand.
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