Amr Taha
Bitcoin Open Interest Rebuilds Across Major Exchanges but Remains 54% Below October Peak Levels
Bitcoin open interest is rebuilding across several major exchanges, but derivatives positioning remains far below the levels seen near Bitcoinโs October 2025 peak. As of August 7, Binance open interest reached $3.9 billion, up 8.3% from $3.6 billion on June 19. Bybit rose 11.5% to $2.14 billion from $1.92 billion on June 9, while Gate.io recorded the strongest recovery, climbing 29% from $1.62 billion to $2.09 billion over the same period. Deribit is moving in the opposite direction. Its open interest declined nearly 40%, from $1.2 billion on June 5 to about $725 million on August 7, creating a clear divergence from the recovery seen across Binance, Bybit and Gate.io. Despite the recent increases, open interest remains substantially below October 5, 2025 levels, when Bitcoin traded near $124,000. At that time, Binance recorded $7.47 billion, Bybit $5.07 billion, Gate.io $4.9 billion, and Deribit $1.77 billion. Current readings are therefore approximately 48% lower on Binance, 58% lower on Bybit, 57% lower on Gate.io and 59% lower on Deribit. Combined open interest across the four exchanges now stands at roughly $8.86 billion, compared with $19.21 billion in October โ a decline of nearly 54%. Binance remains the largest contributor among the four, accounting for around 44% of current open interest, up from approximately 39% in October. The data suggests that Bitcoin derivatives activity is gradually rebuilding, but the market has not returned to the degree of open-interest expansion observed around the October 2025 price peak. The contrast between rising positioning on Binance, Bybit and Gate.io and continued contraction on Deribit also highlights an increasingly differentiated open-interest structure across major trading venues.