Bitcoin Price vs Aggregated Futures Open Interest

Aggregated BTCUSDT perpetual open interest (Coinalyze) vs BTC spot.

This chart compares Bitcoin’s spot price with the aggregated open interest of the BTCUSDT perpetual futures contract (across multiple exchanges) as provided by Coinalyze. Open interest measures the total notional value of outstanding futures positions and serves as a proxy for derivatives leverage in the market.

Rising open interest alongside strong price trends often signals increasing speculative participation and a growing risk of liquidation cascades if the market reverses. Sharp drops in open interest frequently correspond to deleveraging events where positions are forcibly closed or unwound.

Use the duration buttons to study how leverage has evolved across multi-month and multi-year Bitcoin cycles, and how major tops, crashes, and recoveries align with changes in futures open interest.