btcmarketcap

Spot bitcoin ETFs have suffered their worst month since debut, shedding a whopping $4.5 billion in June. But why is this happening now, amidst a macroeconomic climate marked by uncertainty?

I looked at the data and discovered that this downturn correlates with a significant decrease in Bitcoin's open interest in perpetual contracts on Binance - a trend we've monitored closely for months: #BitcoinOpenInterest $4.5B.

This decline suggests that institutional players are indeed rotating capital towards safer assets, just as the news article suggested. With Bitcoin's market cap already under pressure, a sustained decrease in open interest could indicate further selling pressure: #BTCMarketCap #BitcoinSentiment.

What's on my watch list now is the impact of this change on the Bitcoin derivatives market - specifically, the potential for a drop in funding rates. Will institutions continue to shift capital, or will this be a buying opportunity for us?