Bitcoin futures notional value hits two-year low

The notional value of Bitcoin futures relative to spot market activity has dropped to 0.24x, the lowest level in two years, signaling a significant reduction in leveraged speculation. Aggregate open interest has declined by 47% to 55% from peak levels, while CME Bitcoin futures open interest and volume have fallen to 14-month lows. As annualized basis yields have compressed from over 20% to 3-5%, speculative activity has increasingly shifted toward perpetual contracts and options markets.