Bitcoin News Today: Bitcoin Futures Open Interest Rebounds 13% as Risk Appetite Slowly Returns

Bitcoin futures open interest has begun to recover in January following a sharp deleveraging phase in late 2025, signaling a cautious return of risk appetite among derivatives traders — though analysts warn the rebound remains modest.Bitcoin futures OI rebounds after Q4 deleveragingBitcoin futures open interest (OI), a key indicator of derivatives market participation, has risen nearly 13% since the start of 2026, according to data from Coinglass.The recovery follows a steep reduction in leveraged exposure between October and December, when Bitcoin markets underwent one of the largest deleveraging events of the cycle.During that period, Bitcoin futures OI fell from 381,000 BTC to 314,000 BTC, a decline of roughly 17.5%, alongside a 36% pullback in Bitcoin’s price from its October highs.CryptoQuant analyst Darkfost said the decline reflected a broad phase of risk reduction as traders unwound leveraged positions during heightened volatility.“This move marked a clear deleveraging cycle, with market participants reducing exposure and risk following the October correction,” the analyst wrote.Futures open interest climbs from yearly lowsSince bottoming at an eight-month low near $54 billion on Jan. 1, Bitcoin futures OI has steadily rebounded, rising above $61 billion by Jan. 19.Data shows futures open interest briefly reached an eight-week high of $66 billion on Jan. 15, before stabilizing.“At present, open interest is showing signs of a gradual recovery,” Darkfost said.“This suggests a slow return of risk appetite, although the rebound remains relatively modest for now.”Open interest represents the total value of derivatives contracts that remain open and unsettled. Rising OI typically indicates increasing participation and risk-taking, while declining OI reflects deleveraging and reduced exposure.Deleveraging may strengthen market structureDespite the recent rebound, Bitcoin futures OI remains around 33% below its all-time high of $92 billion, recorded in early October.Analysts note that such extended deleveraging phases have historically played an important role in resetting market structure.“This kind of contraction often marks significant bottoms,” Darkfost said previously,“effectively clearing excess leverage and creating a stronger foundation for potential bullish recovery.”The October liquidation cascade erased billions in leveraged positions, reducing the risk of repeat liquidation-driven selloffs in the short term.Bitcoin options open interest overtakes futuresWhile futures activity is recovering gradually, Bitcoin options markets have taken the lead.Coin Bureau co-founder and CEO Nic Puckrin noted that options open interest surpassed futures OI last week, signaling a structural shift in derivatives positioning.According to Checkonchain data:Bitcoin options OI: ~$75 billionBitcoin futures OI: ~$61 billionUnlike futures, options contracts provide traders the right — but not the obligation — to buy or sell at a set price, reducing the risk of forced liquidations and contributing to more stable price behavior.“This means larger players are positioning through hedging and expiry mechanics rather than outright directional bets,” Puckrin said.“It’s not just betting up or down anymore. Bitcoin’s market is behaving less like a casino and more like a structured financial system.”$100,000 strike dominates options positioningData from Deribit shows that the $100,000 strike price currently holds the largest concentration of Bitcoin options open interest, with roughly $2 billion in notional exposure.The positioning suggests traders are increasingly preparing for volatility around psychologically significant price levels rather than chasing short-term leverage.Analysts say the growing dominance of options over futures could reduce liquidation cascades and create more defined support and resistance zones as the market matures, according to Cointelegraph.