TLDR
- Bitcoin Futures Open Interest 7-day change dropped to approximately -3% by April 13.
- The metric crossed into negative territory on April 12, signaling deleveraging.
- The 7-day SMA funding rate shifted from 0.33% to -0.17%.
- U.S. spot Bitcoin ETFs recorded over $816 million in weekly inflows.
- Strategy Inc. purchased 13,927 BTC, raising holdings to 780,897 BTC.
Bitcoin derivatives traders reduced exposure over the past two weeks as open interest declined across major exchanges. Data from CryptoQuant shows a 7-day change of -3%, which signals faster position closures than new entries. At the same time, funding rates turned negative while spot demand strengthened through ETF inflows and corporate purchases.
Bitcoin Futures Open Interest Turns Negative
CryptoQuant data shows the Bitcoin Futures Open Interest 7-day change fell to about -3% by April 13. This reading means traders closed positions or faced liquidations faster than new contracts opened.
The metric crossed from positive to negative on April 12, which marked an early deleveraging shift. As a result, aggregate open interest across major exchanges moved lower within one week.
CryptoQuant tracks futures activity across Binance, Bybit, and OKX. The data reflects total outstanding contracts rather than daily trading volume.
A falling open interest often reflects reduced leverage in the market. Therefore, traders either cut risk exposure or lose positions through liquidations.
Funding Rates Flip as Spot Demand Grows
The Bitcoin 7-day Simple Moving Average funding rate shifted from 0.33% to -0.17%. This change shows shorts now pay longs, which indicates a net short market structure.
CryptoQuant analyst Axel Adler addressed the divergence between spot and derivatives markets. He said, “As long as the spot price holds above $70,000, the divergence between a resilient spot and a bearish derivatives structure keeps the short squeeze potential intact.”
At the same time, U.S. spot Bitcoin ETFs reported net inflows exceeding $816 million last week. BlackRock’s IBIT led those inflows, according to public ETF data.
Strategy Inc. (MSTR) also expanded its Bitcoin holdings during the same period. The company acquired 13,927 BTC for over $1 billion, raising total holdings to 780,897 BTC.
CoinShares reported that digital asset investment products recorded $1.1 billion in net inflows last week. Bitcoin products accounted for about $871 million of that total.
These inflows increased spot demand while futures traders reduced leverage. Consequently, the market showed opposing trends between derivatives positioning and spot accumulation.
Adler stated that a sustained price above $70,000 keeps short-squeeze conditions active. However, he added that weakening institutional demand could pressure prices below that level.
The futures deleveraging continued through April 13, based on the latest CryptoQuant readings. Open interest remained lower while funding rates stayed in negative territory.
Bitcoin traded near the $70,000 level during the reporting period. Market data showed continued monitoring of both ETF flows and derivatives positioning as of April 13.
