Bitcoin futures open interest has fallen to its lowest since 2024, as waning institutional demand puts pressure on BTC prices.
February 13 News: Bitcoin’s recent price has continued to face pressure, failing to stay above $72,000. Meanwhile, the total open interest in Bitcoin futures has fallen to $34 billion, hitting a new low since November 2024, down approximately 28% from 30 days ago. Although the number of open contracts measured in Bitcoin remains around 502,450, indicating that overall leverage demand has not significantly decreased, forced liquidations have accumulated to $5.2 billion, intensifying market concerns that Bitcoin may fall back to the $60,000 support level.
The weak bullish leverage demand in the market highlights a decoupling of Bitcoin from traditional financial markets. Over the past month, Bitcoin has declined 28%, with investors lacking clear catalysts. Meanwhile, gold prices have returned to the psychological level of $5,000, and the S&P 500 index is approaching record highs. Some analysts believe that risk-off sentiment stems from a soft U.S. labor market. Data from the U.S. Department of Labor shows that 181,000 new jobs will be added in 2025, below expectations, but the White House emphasizes that slowing population growth is leading to decreased demand for jobs.
Derivatives market data shows that the annualized funding rate for Bitcoin futures remains below the 12% neutral threshold, indicating persistent panic sentiment. Deribit Bitcoin options delta skew has surged to 22%, well above normal ranges, reflecting continued bearish pressure. Professional traders remain cautious about downside risks, and short-term bullish signals are limited.
Despite weak market indicators, the average daily trading volume of Bitcoin ETFs listed in the U.S. still reaches $5.4 billion, contrasting with declining institutional demand. This suggests that Bitcoin’s potential recovery may depend on further clarity in the U.S. employment market and macroeconomic data, while also testing investors’ risk appetite for cryptocurrencies.
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