End of the quarter wipes out billions from Bitcoin open interest

Options expiry in June erased over $15 billion in open interest (OI) without moving spot price.

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

In July, Bitcoin's derivatives market underwent a significant yet understated shift. While at first glance, the massive reduction in futures and options open interest, over $15 billion wiped out, might hint at dwindling investor interest, the reality tells a strategic tale of de-risking and repositioning. Futures open interest experienced a dramatic downfall prompted by long liquidation waves, revealing fragilities in speculative strategies. Meanwhile, a record options expiry didn't leave Bitcoin's price wobbling ,suggesting a structural resilience. But what does this newfound stability herald for the crypto giant in Q3? The next catalyst could redefine the landscape...