Bitcoin futures notional drops to lowest level in two years
- —Bitcoin futures-to-spot notional ratio fell to 0.24x, the lowest in two years
- —Aggregate BTC futures open interest has drawn down 47–55% from peak levels
- —Offshore Bitcoin futures activity is down roughly 97% from the 2021 bull market highs
- —Basis yields compressed from over 20% to 3–5%, with CME daily open interest averaging under $8B in March
Why it matters: Thinner futures markets reduce leverage and arbitrage opportunities, leaving spot prices more exposed to idiosyncratic flows and large wallet movements.
Source: Crypto Briefing