Bitcoin Derivatives Might Not Fully Recover From October Crash Until Q2

Bitcoin derivatives may take two quarters to recover from the significant drop in open interest caused by the October 10 crash, which saw $19 billion wiped out. Currently, the open interest in futures, options, and perpetual contracts sits at approximately $140 billion, down from $220 billion prior to the crash. While trading volumes surged to $748 billion on the day of the crash, they have stabilized around $300 billion. Experts suggest that if macroeconomic conditions improve, such as potential interest rate cuts, open interest could return to pre-crash levels by Q1 or Q2 2026. Data from the largest crypto derivatives exchange indicates a healthy setup heading into 2026, despite some bearish positions present in options contracts. The month’s final expiry could be quieter due to reduced positioning, indicating a more stable market environment compared to previous high-leverage periods.

Source 🔗