Bitcoin Futures Demand Hits Lowest Level Since 2024

Bitcoin futures demand has reached its lowest level since 2024, indicating caution among institutional traders. According to PANews, data shows that the total open interest in Bitcoin futures across major exchanges fell to $32 billion on Sunday, marking a 20% decrease from a month ago. The open interest, measured in BTC, dropped to 491,300, the lowest since August 2024. The annualized premium rate for monthly Bitcoin futures contracts fell to 2%, a one-year low, significantly below the neutral range of 5%-10%, and has consistently failed to maintain bullish levels over the past 12 months. Despite the decline in demand, analysts caution against prematurely concluding that institutions are exiting the market. The daily trading volume for spot Bitcoin ETFs remains above $3 billion, publicly listed companies hold over $79 billion on-chain, and CME futures open interest still stands at $7.5 billion, all indicating clear institutional involvement. The options market shows no sustained pressure, with demand for put options lower than call options. Analysts suggest that while bullish confidence is lacking, the market remains balanced, and as more buyers return, fear and uncertainty will eventually dissipate.