Roughly 247 days ago, the total bitcoin futures open interest across 12 different cryptocurrency derivatives trading platforms was $26.73 billion and over the last eight months, bitcoin futures open interest has dropped 60% down to $10.69 billion. Further, the bitcoin exchange-traded funds BITO and BTF have followed bitcoin’s spot market losses, as the bitcoin ETFs have shed between 70% and more than 73% in value since last year’s price highs.
During the past eight months, data shows bitcoin futures markets and BTC-centric exchange-traded funds (ETFs) have taken deep losses during this year’s crypto bear market. Last year, when U.S.-based bitcoin ETFs were approved, the funds traded for much higher prices and have followed BTC’s spot market downturn.
What do you think about the bitcoin ETF and derivatives products following the same pattern as bitcoin spot markets during the last eight months? Let us know your thoughts about this subject in the comments section below.