Data: The total open interest of BTC futures has dropped to 34 billion USD, reaching a new low for 2024

Cointelegraph posted on the X platform that the total open interest in BTC futures has dropped to $34 billion, down 28% from 30 days ago, marking the lowest level since 2024. However, the open interest measured in BTC remains stable at 502,450 BTC, indicating that leverage demand has not changed. Part of the decline is attributed to a total of $5.2 billion in forced liquidations over the past two weeks.

Weak U.S. employment data and BTC options skew suggest a bearish shift in the market. Data from the U.S. Department of Labor shows that the U.S. economy added only 181,000 jobs in 2025. The annualized funding rate for BTC futures has been below the neutral level of 12% for the past four months. Deribit's BTC options delta skew has risen to 22%, indicating a premium for bearish (sell) instruments. Despite the weak derivatives indicators, the average daily trading volume of U.S. spot Bitcoin ETFs reached $5.4 billion, contradicting speculation of declining institutional demand.