Data from Coinglass shows that Bitcoin's total futures open interest across all exchanges declined by 8.77% over the past 24 hours, currently standing at $48.274 billion. Open interest represents the total number of outstanding futures and perpetual contracts, serving as a key barometer of leverage and participation in the derivatives market.
Breaking down the figures by exchange, Binance recorded an open interest of $8.904 billion, the largest among tracked platforms. Bybit followed with $4.342 billion, Gate with $3.75 billion, and OKX with $3.011 billion. The decline was widespread across major exchanges, indicating a broad-based reduction in leveraged positions.
A drop of this magnitude often accompanies risk-off moves after periods of heightened volatility. While the 8.77% single-day reduction is notable, the total open interest remains above $48 billion, suggesting that market engagement has not collapsed but rather undergone a deleveraging adjustment.