According to data from crypto analytics platform Coinglass, Bitcoin (BTC) total futures open interest across all exchanges fell by 8.77% in the past 24 hours, settling at $48.27 billion. Open interest represents the total notional value of all outstanding derivative contracts—its movement is closely tied to market leverage and the balance between long and short positions.
Among major exchanges, Binance topped the list with $8.904 billion in open interest, accounting for 18.45% of the total. OKX followed with $3.011 billion (6.24%), Bybit with $4.342 billion (8.99%), and Gate with $3.75 billion (7.77%). The remaining exchanges collectively held approximately $28.267 billion, representing 58.55% of the aggregate.
A decline in open interest often signals a de-leveraging phase, as traders voluntarily or involuntarily close positions, reducing overall exposure. Such data provides a useful gauge for near-term market sentiment.