The proportion of Bitcoin futures contracts collateralized by BTC has decreased from approximately 70% in early 2021 to about 12% by mid-2026. This shift marks a transition toward using stablecoins and USD as collateral for derivatives trading.
Data from Glassnode indicates that the decline was consistent across multiple market cycles, including the 2021 bull run, the 2022 bear market, and the 2024–2025 rally. By mid-2024, the share of coin-margined open interest had already fallen below 20%.
Major exchanges, including Binance, Bybit, and OKX, have contributed to this trend. CME Bitcoin futures are excluded from these metrics due to their distinct margin structures, meaning the shift is more pronounced on crypto-native platforms.
Using BTC as collateral created a feedback loop where price drops triggered liquidations, further depressing the asset price. Moving to stable collateral stabilizes margin ratios and removes this specific amplification mechanism during market sell-offs.
The reduction of coin-margined contracts to roughly one-eighth of the market aligns crypto derivatives with institutional risk frameworks. This change simplifies portfolio management and position sizing for traders by making margin requirements more predictable.
