Bitcoin Futures Open Interest Drops 13.5% Since September 3...Deleveraging Underway

On-chain data platform Sentiment analyzed that the size of open interest (OI) in the Bitcoin futures market has decreased by about 13.5% since September 3, indicating ongoing deleveraging (risk reduction). Specifically, Bitcoin futures OI dropped from 321,497 BTC on September 3 to 278,151 BTC on September 11, a decrease of approximately 43,346 BTC. During the same period, Bitcoin's price fell by about 5%, but the decline in OI exceeded the reduction expected from price fluctuations alone. Current Bitcoin futures OI is roughly 20% lower than the peak before the August mid-month rally, though it has shown a slight two-day increase since September 11.

Sentiment noted that market attention is focused on the U.S. Senate's Clarity Act cloture vote on September 15 (determining whether the Clarity Act will proceed to full committee review) and the Federal Reserve's interest rate decision on September 16, suggesting that positioning adjustments in the futures market likely reflected last week's developments.