Bitcoin futures open interest falls 19.5% in June

CryptoQuant data published June 22 shows Bitcoin futures open interest across exchanges fell 19.5% in June, dropping from $26.0 billion at the start of the month to $20.89 billion by June 21.

Bitcoin’s price moved from about $71,200 on June 1 to $63,234 by June 21, a decline of roughly 11.4%. The decline in open interest outpaced the price fall in June.

On June 6, Bitcoin reached a local low near $60,900 while open interest fell to roughly $22.4 billion. A CryptoQuant chart labeled that period a “Leverage Reset,” showing concurrent declines in both price and futures exposure.

Bitcoin recovered to about $66,300 on June 15 and open interest rose to approximately $23.5 billion, remaining below the month’s opening level. By June 21, open interest had slid 11.1% from the mid-month rebound to $20.89 billion while Bitcoin traded above the June 6 low.

The taker buy/sell ratio stood at 0.95, a measure of taker-side activity across exchanges that showed balanced buying and selling during the period.

A CryptoQuant analyst commented, “So far, the data shows that excess leverage has been reduced.” The analyst also stated, “This does not guarantee an immediate rebound, but it does indicate a healthier market structure than a highly crowded derivatives market.” Market participants are monitoring whether future price gains occur with only modest increases in open interest, a development that would point to more spot buying rather than a rapid return of leveraged futures activity.