On-chain Highlights
DEFINITION: The percentage of futures contracts open interest that is margined in the native coin (e.g. BTC), and not in USD or a USD-pegged stablecoin.
Bitcoin’s percentage of crypto-margined futures open interest on all exchanges shows notable fluctuations. The percentage declined from around 23% in January 2024 to approximately 20% by mid-February, aligning with a rising Bitcoin price. Notably, after the April 2024 halving, the metric saw heightened volatility, spiking above 27% before retreating below 24% by June.
Looking at the historical data from 2021 to 2023, the percentage steadily decreased from around 70% to 25%, reflecting a broader shift towards cash-margined contracts.
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