Bitcoin futures shed $3B in leverage as traders trims risk

The drop in open interest was driven largely by retail traders on Binance and Bybit, while CME’s institutional positioning remained intact.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Bitcoin futures began August with a significant recalibration in positioning. In the first four days of the month, aggregate futures open interest (OI) fell from $83.63 billion to $79 .85 billion, a $3.78 billion drop in notional terms. This followed Bitcoin's price dropping around 2.8%, indicating that most...