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LOOK CRYPTO · DATA PIPELINE

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CYCLESCOPE · LEVERAGE

Open Interest / Market Cap

Aggregate Bitcoin futures open interest relative to BTC market capitalization. It measures the load of derivative positions against the underlying market.

WHAT IT MEASURES

The size of outstanding positions

Open interest is the notional value of active futures positions. Normalizing by market cap makes leverage load more comparable across market phases.

HOW IT IS CALCULATED

OI divided by market cap

Futures open interest in USD ÷ Bitcoin market cap × 100%

The numerator and denominator should refer to comparable observation times.

HOW TO INTERPRET

Growth means more potential leverage

  • Ratio risingDerivative claims are growing faster than Bitcoin market value.
  • Ratio fallingLeverage is leaving the system or market cap is growing faster.
  • High levelLiquidation feedback can have greater market impact.
HOW TO USE IT

Add funding and basis

High OI is riskier with expensive positive funding and overheated basis. Rising OI with neutral rates is less conclusive.

LIMITATION

Venue coverage differs

Exchange and contract coverage affect the result. The 3% and 5% dashboard bands are contextual guides, not universal thresholds.

Other leverage indicators

This material is for market research and is not investment advice.