Bitcoin futures activity falls 97% as traders shift

• Dated Bitcoin futures activity on offshore venues has fallen about 97% from 2021 levels.
• Perpetual contracts have taken a larger share of leveraged Bitcoin trading as dated futures have declined.
• Bitcoin options open interest has reached $74.1 billion, surpassing futures at $65.22 billion.

Dated Bitcoin futures activity on offshore venues has fallen about 97% from its 2021 level.

Perpetual contracts have taken a larger share of leveraged Bitcoin trading because they have no expiry date.

Bitcoin (CRYPTO:BTC) options open interest has reached $74.1 billion in January 2026.

That figure has exceeded the $65.22 billion held in Bitcoin futures, marking a shift in derivatives positioning.

Perpetuals now handle much of the leveraged trading, while options have become more widely used for hedging and volatility exposure.

Dated futures remain active, with CME providing regulated and standardised contracts for institutional traders.

Bitcoin derivatives have therefore shifted towards perpetuals and options while regulated futures continue serving institutional demand.

At the time of reporting, Bitcoin price was $81,306.36.