coin-img-XAUTXAUT+1.74%coin-img-PAXGPAXG+2.87%coin-img-ETHETH-2.46%coin-img-BTCBTC-1.38%coin-img-SOLSOL-1.94%coin-img-XRPXRP-1.50%coin-img-ROBOROBO-8.97%coin-img-USDCUSDC-0.02%coin-img-XAUTXAUT+1.74%coin-img-PAXGPAXG+2.87%coin-img-ETHETH-2.46%coin-img-BTCBTC-1.38%coin-img-SOLSOL-1.94%coin-img-XRPXRP-1.50%coin-img-ROBOROBO-8.97%coin-img-USDCUSDC-0.02%coin-img-XAUTXAUT+1.74%coin-img-PAXGPAXG+2.87%coin-img-ETHETH-2.46%coin-img-BTCBTC-1.38%coin-img-SOLSOL-1.94%coin-img-XRPXRP-1.50%coin-img-ROBOROBO-8.97%coin-img-USDCUSDC-0.02%coin-img-XAUTXAUT+1.74%coin-img-PAXGPAXG+2.87%coin-img-ETHETH-2.46%coin-img-BTCBTC-1.38%coin-img-SOLSOL-1.94%coin-img-XRPXRP-1.50%coin-img-ROBOROBO-8.97%coin-img-USDCUSDC-0.02%

Bitcoin deleveraging continues as CME basis compresses, CryptoQuant says bottom not yet formed

Bitcoin is undergoing deleveraging, with open interest falling and CME futures basis compressing in a reset of positioning, CryptoQuant reports. CME Bitcoin futures open interest has dropped 47%, matching the 45% decline in 2022, while the basis has trended lower since 2025 but maintains a positive slope, indicating weaker demand for leveraged longs and cooling risk appetite. Longer-dated contracts still trade at a premium to spot and short-dated futures; past cycle bottoms formed only when the slope turned negative, CryptoQuant noted. The mix of declining open interest with a positive curve suggests a consolidative or midcycle bearish phase, with definitive capitulation potentially occurring soon, according to CryptoQuant.
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