Bitcoin futures OI rebounds 13% as analysts see cautious return of risk appetite

Bitcoin futures open interest has begun to recover in January after a sharp Q4 deleveraging, though analysts say the rebound remains modest.

Bitcoin futures open interest (OI) — a measure of derivative market participation — has gained almost 13% from the start of the year, which analysts say could reflect more risk appetite for crypto.

The increase follows a sharp deleveraging phase from October through December, when Bitcoin derivatives exposure fell alongside a broad market correction.

Bitcoin futures OI has fallen 17.5% from 381,000 BTC to 314,000 BTC over the past three months, following a roughly 36% price correction from early October, “reflecting a phase of risk reduction and the unwinding of leveraged positions,” said CryptoQuant analyst “Darkfost” on Monday.