Bitcoin futures open interest has risen nearly 13% since the start of January, signalling a tentative return of risk appetite in crypto markets.
The rebound follows a sharp deleveraging period between October and December during a broader market correction.
Bitcoin futures open interest declined 17.5% over the past three months as traders reduced leveraged exposure.
“This reflected a phase of risk reduction and the unwinding of leveraged positions,”
CryptoQuant analyst Darkfost said.
Data shows Bitcoin futures open interest climbed from about $54 billion on January 1 to more than $61 billion by January 19.
The metric briefly reached an eight-week high of $66 billion on January 15.
“At present, open interest is showing signs of a gradual recovery, suggesting a slow return of risk appetite,”
Darkfost said.
The analyst added that the rebound remains modest and has yet to confirm sustained bullish momentum.
Futures open interest remains around 33% below its all-time high of $92 billion recorded in early October.
Analysts said prolonged deleveraging often helps reset market conditions and build a stronger base for recovery.
Bitcoin options open interest has now overtaken futures open interest, reflecting a shift in trader behaviour.
Coin Bureau co-founder Nic Puckrin said options activity indicates a more mature and structured market environment.
“This means big money is building positions that shape price itself through hedging and expiry mechanics,”
Nic Puckrin said.
“There’ll be fewer liquidation cascades, more sticky levels, and retail leverage getting trapped near key prices,”
Nic Puckrin added.
Aggregate Bitcoin options open interest stands at roughly $75 billion, compared with $61 billion in futures positions.
Options exposure is currently concentrated around the $100,000 strike price, led by activity on Deribit.
At the time of reporting, Bitcoin price was $92,531.93.