After the 8-month deleveraging period in the Bitcoin futures market, investors’ interest in derivative products has increased again. While the total open position in futures transactions in Binance was 6.4 billion dollars in March, this figure reached 8.96 billion dollars with a rapid increase and exceeded the 180-day moving average.
Activity increases in Bitcoin futures
According to experts, the amount of open position in Binance is an important indicator that reveals the transaction volume in derivative products and investor risk appetite. When the open position falls below the moving average, it generally indicates periods when leverage in the market decreases and investors act cautiously. Finally, with the global economic uncertainty and the decline in prices that started in October, open positions decreased significantly.
Crypto analyst Darkfost stated that this process took about eight months in total and that a similar period occurred in 2022, just before the bankruptcy of the major crypto exchange FTX. At that time, serious liquidations were seen in margin positions and investors tried to reduce their risks.
Crypto analyst Darkfost evaluated: “There was a long deleveraging period after October. Binance open positions remained below the 180-day average during this period. This is similar to the picture seen in the derivatives market in 2022.”
Mini dictionary: Open Interest shows the total amount of contracts that have not yet been closed or reversed in the futures market. High open interest indicates that there are more participants in the market and price movements may be strong.
In recent weeks, the open position has risen above the 180-day average again. This level currently stands at approximately $8.75 billion, and current data of $8.96 billion points to an increase in investor appetite for leveraged transactions.
| Period | Open Position ($Billion) | 180-Day Average ($Billion) |
|---|---|---|
| March 2026 | 6.4 | 8.5 |
| May 2026 | 8.96 | 8.75 |
Speculative investors return to the market but risks remain
It is thought that the revival of interest in futures transactions is due to speculative players who want to take a position after the sharp retreat in the Bitcoin price. These investors, using leverage, returned to the market in the hope of a recovery in prices, which increased the buying pressure.
Even though pressures on the global economy have not eased, the number of investors entering the futures market has increased, according to Darkfost’s analysis. However, it is reported that the current rise can be considered as a temporary movement rather than a trend reversal in the short term. Because in sudden price corrections, investors, especially those using high leverage, may tend to close their positions quickly.
It is stated that if Bitcoin continues its correction movement that has started since October, these players who have just returned to the market may quickly abandon their positions. The sharp increase in open interest in recent weeks may decrease again at a similar pace.
Analysts found, “If there is a new decline in the Bitcoin price, rapid position unwinding may occur again in the market. The sudden increase in open interest may be a sign of a temporary movement, not a sustainable trend.”
Looking at the whole picture, although the derivative markets have become active again after an 8-month calm period, it is not yet certain whether a stable upward trend has been entered.
