Approximately 150,000 BTC remains in Futures OI — its lowest levels since April 2022 — as the risk-off trend decline continues to emerge.
To further reveal the distinct switch away from BTC to risk-off and cash, the ‘Cash-Margined’ metric shows a constant incline since April 2021 to a current level of 327,000 BTC — backed by cash as the underlying asset.
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