🔥 Bitcoin’s Derivatives Market Turns Into a Ghost Town Leverage Evaporates as Funding Rates Collapse! 🔥
Bitcoin’s perpetual futures market is entering one of its quietest phases in years. Open Interest has been stuck below 310K BTC since October’s brutal liquidation reset, and funding rates continue to slide clear signal that leveraged longs have stepped back and speculative energy has drained from the system.
Glassnode’s CryptoVizArt describes the perps market as a “ghost town,” with traders closing positions, avoiding premium long exposure, and opting for safety over aggression. The October wipeout triggered a deep de-leveraging, and despite brief spikes, OI has repeatedly returned to its cycle lows.
With leverage fading, funding rates cooling, and speculative appetite shrinking, Bitcoin’s derivatives landscape is now calmer, quieter, and far more de-risked a stark contrast to the explosive volatility earlier in the cycle.
