Are investors giving up on BTC?

Main Receptors:

Demand for bitcoin futures has hit its lowest level since 2024, suggesting that many institutional traders are becoming cautious.

Despite the low confidence from the bulls, the high CME open demand suggests that major institutions have not left the market.

Bitcoin (BTC) gained 10% after retesting $63,000 on Saturday as stock markets took a different tack amid rising tensions in the Middle East. However, demand for Bitcoin futures is waning, with open interest reaching its lowest level since 2024. This trend is causing traders to fear that institutional investors are leaving the market.

Bitcoin futures open interest on major exchanges fell to $32 billion on Sunday, down 20% from a month ago. Measured in terms of Bitcoin to correct recent price declines, current demand for BTC futures stands at its lowest level since August 2024 at 491,300 BTC. Part of this decline can be explained by the forced liquidations of bulls that have been caught in a frenzy.

From an all-time high of $126,200 in October 2025, demand for labor positions is not abundant.

The annualized premium (base rate) on Bitcoin monthly futures contracts fell to its lowest level in a year by 2%. In order to compensate for the longer settlement time in neutral conditions, the parameter should be increased from 5% to 10%. Of particular concern is the base rate's inability to sustain bullish levels over the past 12 months, which includes a 50% rally from April to May 2025.

Bitcoin's underperformance relative to gold and the stock market has kept investors' attention away from the cryptocurrency market. Still, it would be far-fetched to say that institutional investors have left the market, where bitcoin exchange-traded funds (ETFs) trade an average of more than $3 billion a day. Among ETF owners are the world's largest mutual and pension fund managers.

Additionally, there is more than $79 billion in Bitcoin in publicly listed companies, including Strategy ( MSTR US ), MARA Holdings ( MARA US ), XXI ( XXI US ), and Metaplanet ( MPLTF US ). Countries like Bhutan, El Salvador and the United Arab Emirates have added Bitcoin exposure. One can argue that there is a long way to go in terms of institutional adoption, but the current situation is far from zero.

Bitcoin derivatives indicate resistance when bulls hesitate

Bitcoin options market confirms that derivatives will continue to perform as expected despite repeated failures to reclaim the $72,000 level.

Bitcoin's premium for call options remained around 0.7 on Monday. This shows that demand for put (sell) options is lower than for call (buy) options. Interest in fighting strategies did not last short of a jump on Friday. Basically, the options market does not see any major problems or lasting stress from the last few months.

Related: Bitcoin Holders Show ‘Zero Fear' As BTC Hits $70K Amid Middle East Tensions

The results show a lack of confidence among bulls, especially since Bitcoin is trading 45% below its all-time high. But there is no evidence that institutional players have left the market. The $7.5 billion Bitcoin futures open interest on the CME is a clear sign of institutional activity. Despite selling pressure, each short (sell) order must be matched with a long (buy) order, which maintains the balance of the market.

Eventually, fear and uncertainty fade as more buyers return, marking the end of a downtrend. While it's unclear whether $60,000 is the absolute bottom for this market cycle, Bitcoin has once again proven to be a safe asset with steady supply. The $1.4 trillion cryptocurrency market has proven its strength and has shown no signs of decline.