Bitcoin futures backed by BTC fall from 70% to 12% of open interest
- —Coin-margined contracts held ~70% of open interest in early 2021
- —By mid-2024 the share fell below 20%, now around 12%
- —Binance, Bybit and OKX moved most contracts to stablecoin margin
- —CME, with a different margin structure, is not included in the metric
Why it matters: Stablecoin collateral breaks the loop of price drop, collateral drop and liquidations, making the market more resilient and clearer for institutions.
Source: Crypto Briefing