Bitcoin Open Interest Drops 11% in BTC Terms as Rally Turns Spot-Driven

BitcoinWorld Bitcoin Open Interest Drops 11% in BTC Terms as Rally Turns Spot-Driven Bitcoin’s open interest has declined notably in BTC terms even as the cryptocurrency’s price rallied, signaling a shift toward spot-driven buying and reduced leverage in the market, according to data from analytics firm Santiment.

What the Data Shows Between Aug. 12 and Aug. 18, Bitcoin’s price climbed from $63,500 to $77,700. During the same period, open interest—the total number of outstanding derivative contracts—fell by 11%, dropping to approximately 312,600 BTC on Aug.

23 from about 353,500 BTC before the rally began. Santiment noted that this decline is measured in BTC terms. In U.S. dollar terms, open interest actually rose about 8% because the price increase outpaced the drop in contract count.

The distinction is crucial: it indicates that while the notional value of derivatives increased, the actual number of contracts decreased, pointing to reduced leverage per contract. Spot Buying vs.