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Bitcoin futures open interest has fallen about 13.5% since Sept. 3, signaling ongoing deleveraging, according to on-chain data analytics platform Santiment.
BTC futures open interest declined by about 43,346 BTC to 278,151 BTC on Sept. 11 from 321,497 BTC on Sept. 3, while Bitcoin’s price fell about 5% over the same period. Santiment said the drop in open interest exceeded the decline in notional value caused by the price move. Current BTC futures open interest is still about 20% below the level seen just before the mid-August rally, although it has posted modest gains for two straight days since Sept. 11.
Santiment said market attention is focused on a U.S. Senate cloture vote on the Clarity Act on Sept. 15 and the Federal Reserve’s interest-rate decision on Sept. 16. The platform added that position adjustments in the futures market appear to have already been reflected last week.