Odaily Planet Daily reports that Cointelegraph posted on X that the total open interest in BTC futures has dropped to $34 billion, a 28% decline from 30 days ago, reaching the lowest level since November 2024. However, open interest denominated in BTC remains stable at 502,450 BTC, indicating that leverage demand has not changed. Part of the decline is attributed to $5.2 billion in forced liquidations over the past two weeks.
Weak U.S. employment data and BTC options skew indicate a market shift toward bearish sentiment. According to data from the U.S. Department of Labor, the U.S. economy added only 181,000 jobs in 2025. BTC futures annualized funding rates have remained below the neutral level of 12% for the past four months. Deribit’s BTC options delta skew has risen to 22%, signaling a premium on bearish (put) instruments.
Despite indicators showing weakness in derivatives, U.S. spot Bitcoin ETFs recorded an average daily trading volume of $5.4 billion, contradicting speculation of declining institutional demand.