From Cointelegraph

June 20, 2025 4:52:00 PM:

The open interest in Bitcoin futures and options has surged to $96 billion, significantly higher than 2022 levels. Speculative leverage boosts bullish breakouts but also increases the risk of liquidations, akin to 2021 volatility. Stablecoin-collateralized positions now dominate, helping mitigate trading shocks amidst heightened activity.

Glassnode highlighted that the introduction of US spot Bitcoin ETFs in January 2024 accelerated the trend of open interest growth. The Realized Cap Leverage Ratio sits at 10.2%, signaling heightened speculative activity. Binance futures data shows increased trader participation, potentially driving rapid rallies past resistance levels.

In May 2025, Binance achieved a record $1.7 trillion in futures trading volume, fueling Bitcoin’s bullish momentum in Q2. While leverage can enhance gains, it also poses risks of cascading liquidations. However, the market has matured since the 2022 FTX collapse, with stablecoin-collateralized positions now dominating open interest.

Data from CryptoQuant indicates that the BTC-USDT futures leverage ratio is nearing its early 2025 peak, suggesting an elevated leveraged market. Analyst Boris Vest notes a balance between long and short positions on Binance, with traders preparing for potential moves in either direction. Larger players may be accumulating in the $100K-$110K range.

Read more at CoinTelegraph: Bitcoin Open Interest Hits $96 Billion, Bullish or Bearish?