Shift from crypto to cash-margined agreements continues post-2024 cutting in half News Desk · 2 months ago
On-chain Highlights
MEANING:The portion of futures agreements open interest that is margined in the native coin (e.g. BTC), and not in USD or a USD-pegged stablecoin.
Bitcoin’s portion of crypto-margined futures open interest on all exchanges reveals noteworthy variations. The portion decreased from around 23% in January 2024 to around 20% by mid-February, lining up with an increasing Bitcoin rate. Especially, after the April 2024 halving, the metric saw increased volatility, surging above 27% before pulling away listed below 24% by June.
Bitcoin: Percent Futures Open Interest Crypto-Margined: (Source: Glassnode)
Taking a look at the historic information from 2021 to 2023, the portion gradually reduced from around 70% to 25%, showing a wider shift towards cash-margined agreements.
Bitcoin: Percent Futures Open Interest Crypto-Margined: (Source: Glassnode)Latest Insights
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