Odaily Planet Daily reports that Cointelegraph has stated on the X platform that the total open interest for BTC futures has dropped to $34 billion, down 28% from 30 days ago, the lowest level since November 2024. However, the open interest valued in BTC remains stable at 502,450 BTC, indicating that leverage demand has not changed. Some of the decline can be attributed to a total of $5.2 billion in forced liquidations over the past two weeks.
Weak U.S. employment data and BTC options skew indicate a bearish market shift. Data from the U.S. Department of Labor shows that the U.S. economy added only 181,000 jobs in 2025. The annualized funding rate for BTC futures has remained below the neutral level of 12% for the past four months. Deribit's BTC options Delta skew has risen to 22%, indicating a premium for bearish (sell) instruments.
Despite the derivative indicators showing weakness, the average daily trading volume of the US spot Bitcoin ETF reached $5.4 billion, contrary to speculation of declining institutional demand.
