The chart below shows an oscillator for the percent change of futures open interest. This tool can be used to spot periods of rapid change in aggregate market leverage.

🔴 High values indicate OI has increased by +2 standard deviations.

🔵 Low values indicate OI has decreased by -2 standard deviations.

We can see that there was a significant deleveraging event on 3-January where almost $1.5B of OI was closed out in a single day. Conversely, OI increased significantly between 9 and 11 January as ETF speculation peaked, and prices approached $49K.

This was greeted by a weekend sell-off back down to $40k, with new owners of ETF shares introduced to Bitcoin's 24/7 trading environment.

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