Crypto: Bitcoin Open Interest Hits Lows Not Seen Since 2024: Is Tradfi...

Bitcoin open interest falls to $34 billion as investor demand dries up and traders’ concerns shift to worrying US macroeconomic data. Is TradFi exiting BTC?

BTC open interest falls to $34 billion, but stable BTC-denominated volume suggests leverage demand remains unchanged.

Weak US jobs data and Bitcoin options skew indicate a bearish shift, even as gold and stocks show relative strength.

Bitcoin (BTC) price has struggled to sustain levels above $72,000 for the past week, leading investors to question whether institutional demand has evaporated. The aggregate Bitcoin futures open interest plummeted to its lowest level since November 2024, fueling fears of a retest of the $60,000 support amid growing uncertainty.

The aggregate BTC futures open interest hit $34 billion on Thursday, a 28% drop from 30 days prior. However, when measured in Bitcoin terms, the metric remains virtually flat at BTC 502,450, suggesting that demand for leverage has not actually decreased. Part of this decline is also attributable to forced liquidations, which totaled $5.2 billion over the past two weeks.

Investors are increasingly frustrated by the lack of a clear catalyst for Bitcoin’s 28% decline over the last month, especially as gold reclaimed the $5,000 psychological level and the S&P 500 traded just 1% below its all-time high. Some analysts argue that this risk-aversion stems from emerging signs of weakness in the US labor market.

The US Labor Department revealed on Wednesday that the US economy added only 181,000 jobs in 2025, a figure weaker than previously reported. However, the White House has downplayed these concerns. According to the BBC, officials argue that the slowdown in population growth resulting from its immigration policies has reduced the number of jobs the US needs to create.

Bitcoin’s record 52% crash on March 13, 2020, occurred during the peak of the COVID-19 pandemic fears, which anticipated a surge in jobless claims. If economic growth is currently at risk, odds are the US Federal Reserve will cut interest rates sooner than anticipated. This reduces companies’ cost of capital and eases financing conditions for consumers, which helps explain the stock market strength seen in 2026.

The lack of confidence in Bitcoin is evident through the weak demand for bullish leveraged positions, making the decoupling from traditional markets even more worrisome.

The annualized funding rate on Bitcoin futures held below the neutral 12% threshold for the past four

Source: CoinTelegraph