Crypto-Margined Bitcoin Futures Fall to About 12% of Open Interest

Crypto-margined Bitcoin futures have dropped sharply from near-total dominance to roughly 12%, according to Decrypt. The shift marks a major change in how traders are positioned in the Bitcoin derivatives market. Despite the decline in the crypto-margined share, leveraged traders continue to place substantial bets, leaving open interest dynamics in focus. The figures raise questions about whether the conditions that supported a potential short squeeze have faded, although the available information does not establish that the squeeze is over. Bitcoin traders are therefore monitoring the balance between crypto-margined and other futures exposure, as well as the continued use of leverage. The development is relevant to BTC market positioning and derivatives activity, while no price target or trading recommendation was provided.