Bitcoin futures open interest rises 13% amid risk uptick

Bitcoin futures open interest climbed to more than $61 billion by Jan. 19, up nearly 13% from an eight-month low of $54 billion on Jan. 1. Analysts link the increase to a measured pickup in risk appetite following fourth-quarter deleveraging across crypto derivatives.

The rise follows a reduction in leveraged positions from October through December, when Bitcoin futures open interest fell 17.5% from 381,000 BTC to 314,000 BTC, according to CryptoQuant analyst “Darkfost.” Market data indicate the rebound gathered pace in mid-January, with open interest touching an eight-week high of $66 billion on Jan. 15 before easing.

Open interest refers to the number or notional value of derivative contracts that remain open and unsettled. When it rises, more traders are adding exposure; when it falls, positions are being reduced or closed.

“Open interest is showing signs of a gradual recovery, suggesting a slow return of risk appetite,” Darkfost wrote. “If this trend continues and strengthens, it could increasingly support a continuation of the bullish momentum, although for now the rebound remains relatively modest.”

Even after the latest gain, aggregated Bitcoin futures open interest is about 33% below the early October peak of roughly $92 billion. Darkfost characterized the earlier drawdown as a “deleveraging signal” that can clear excess leverage and reset positioning.

Options activity has recently surpassed futures by notional value. Aggregate Bitcoin options open interest stands near $75 billion, compared with about $61 billion for futures, based on market figures.

As we covered previously, Bitcoin’s seven-day average hashrate fell below 1,000 EH/s to about 993 EH/s, last seen in mid-September, down nearly 15% from the Oct. 19 peak near 1,157 EH/s. Analysts tied miner strain to Bitcoin’s pullback from record highs, rising energy costs, and difficulty lingering near records. StandardHash CEO Leon Lyu said some miners are shifting power to AI and high-performance computing, and that true hashrate may be understated by current estimates.