Bitcoin Futures Demand Drops to Lowest Level Since 2024

[cryptobro]

BTC futures aggregate open interest, USD. Source: CoinGlass

Demand for Bitcoin futures has fallen to its weakest level since 2024, raising concerns that institutional traders are turning cautious. Aggregate open interest across major exchanges declined 20% over the past month to $32 billion, equivalent to 491,300 BTC — the lowest level since August 2024. The slowdown follows forced liquidations and fading appetite for leveraged bullish positions after Bitcoin’s $126,200 all-time high in October 2025.

The annualized premium on two-month futures has also slipped to just 2%, well below the neutral 5%–10% range typically seen in balanced markets. While this signals reduced confidence among bulls, it does not necessarily mean large institutions have exited. Instead, derivatives data suggests traders are waiting for clearer macro and price direction before rebuilding aggressive positions.

[cryptoenthusiast]

futures premium at 2%… bulls went from alpha to “let’s just see what happens” real quick