Onchain Highlights
DEFINITION: The percentage of futures contracts open interest that is margined in the native coin (e.g., BTC) and not in USD or a USD-pegged stablecoin.
Bitcoin’s futures market is undergoing a notable shift, as reflected in the declining percentage of crypto-margined futures open interest across all exchanges. Data from Glassnode highlights a significant drop in the use of Bitcoin as collateral for futures contracts, falling from 70% in early 2021 to less than 20% by mid-2024.
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