Crypto-margined Bitcoin futures open interest falls to 12% as traders adopt stablecoin-backed positions amid market volatility.
Bitcoin futures traders have largely abandoned crypto-margined positions, reducing their share of open interest to about 12% from nearly 100% in 2019–2020. The shift follows a rebound in Bitcoin prices from $57,000 to near $79,175, with $570.08 million in positions liquidated in the past 24 hours.
Historically, most Bitcoin futures were collateralized in BTC, exposing traders to margin calls during price drops. Stablecoin-margined positions, denominated in USD, provide a more stable buffer against volatility. The transition reflects broader market maturation and risk management trends.
The move coincides with increased institutional activity, including $854 million in Bitcoin ETF inflows over five days and new derivatives offerings, such as Coinbase’s U.K. trading platform with up to 50x leverage.