Bitcoin open interest across major centralized exchanges remains well below the record levels seen during the market’s 2025 peak, suggesting traders have yet to return to aggressive leveraged positions.
Data shows Bitcoin open interest currently stands at $21.75 billion, down 54% from the all-time high of $47.58 billion recorded on October 6, 2025, the same day Bitcoin reached its price peak. Over the past four months, total open interest has remained close to its March low, indicating little appetite for rebuilding leverage despite price stabilization.
The figures suggest traders are maintaining a cautious approach after last year’s market correction rather than increasing exposure through futures markets.
Bybit stands out as other exchanges record lower scores
Most major exchanges have recorded lower open interest over the past month, although the pace of the decline differs across platforms.
Binance’s share of total Bitcoin open interest has climbed to around 35%, but the increase comes as its own open interest fell 13% over the past 30 days. Other exchanges posted even steeper declines, allowing Binance to gain market share without attracting additional leveraged positions.
Bybit was the exception, posting a 10% increase in open interest during the same period. Meanwhile, Deribit’s options market remained below its recent average, suggesting traders are not shifting risk from perpetual futures into options.
Ethereum followed a similar pattern. Open interest briefly jumped between July 4 and July 6 before retreating to previous levels within a week. XRP showed the weakest activity, with open interest falling to its lowest level in the current data series, down 82% from last summer’s high.
Why does leverage matter after a market peak?
Open interest often tells a different story from price alone. After sharp rallies, leverage usually returns quickly as traders chase price movements. That happened after Bitcoin’s 2021 correction, when futures activity recovered well before prices reached new highs.
The current cycle looks different as Bitcoin’s price has fallen roughly 50% from its October peak, while open interest has dropped by almost the same percentage. That balance suggests positions were reduced alongside falling prices instead of triggering widespread forced liquidations.
If leverage stays subdued, future price gains could be driven more by spot demand than speculative futures activity. That would leave the market with a different structure than previous recovery cycles.
Previously, Bitcoin futures open interest fell sharply from $42 billion in October 2025 to $21 billion, indicating a major reset in market positioning. Markus Thielen’s latest chart showed the decline in open interest alongside a volatile funding rate that swung from -12.6% to +7.1%.
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