Bitcoin’s (BTC) price has dropped 5.6% over the past seven days, closing three daily candles below the $80,000 support for the first time since Nov. 9, 2024.
Data from Glassnode highlighted Bitcoin witnessing a 64% rise in futures volume during the same period. The analytics platform said that “this marks a reversal from the past month,” when futures volume progressively decreased.
A rise in futures volumes suggested heightened market activity, but further analysis of the broader futures market revealed a more complex outlook. Bitcoin’s open interest (OI), representing the total value of outstanding futures contracts, declined 19% over the past two weeks.
Bitcoin futures volume chart by Glassnode. Source: X.com
This reduction suggests that while trading volume is increasing, some traders are closing their positions rather than keeping them open, possibly to lock in profits or