Open interest in Bitcoin futures has decreased by approximately 14% as traders reduce leverage ahead of upcoming legislative votes. This trend reflects a broader shift toward de-risking observed throughout 2026, with periodic contractions in open interest ranging from 11% to 19.5%.
On September 12, the market saw a significant reduction of 13,600 BTC in open interest within 24 hours, representing a notional value of roughly $1.05 billion. This event followed the release of Consumer Price Index data. Earlier this year, open interest dropped from 381,000 BTC to 314,000 BTC, marking a 17.5% decline.
Binance maintains a steady market share, holding between 36% and 37% of total Bitcoin open interest. Analysts note that the uniform nature of this deleveraging across the market suggests a transition toward spot trading. Reduced leverage is expected to lower the risk of liquidation cascades during periods of high market volatility.
