Bitcoin prediction traders on futures have largely moved away from using Bitcoin as collateral as the price rises. The share of Bitcoin open interest that is margin positions backed by Bitcoin rather than a stablecoin now stands at about 12% across exchanges.<\/p>\n
The shift in collateral structure is separate from the market\u2019s recent liquidation activity. Bitcoin rebounded from around $57,000 to above $80,000 after months of low-volatility trading between $60,000 and $68,000. Over the past 24 hours, $570.08 million in leveraged positions have also been liquidated in a short squeeze.<\/p>\n\n
Visit Margex<\/span><\/a><\/p>\n For much of the past decade, opening a BTC futures position generally meant posting BTC as margin. Glassnode\u2019s crypto-margin open interest metric<\/a> places the current crypto-collateralized share at roughly 12%, compared with near-total dominance in 2019 and 2020.<\/p>\n A crypto-margined position uses the traded asset as collateral. When Bitcoin\u2019s price falls, the value of the BTC supporting the position also declines while the trade moves against the holder. That feedback loop can bring a margin call at a moment of fast market movement.<\/p>\n Stablecoin-margined positions work differently. Their collateral is denominated in dollars, so its value does not fall simply because Bitcoin\u2019s price declines. The long-term data indicate that stablecoin margin has become the dominant structure, with dollar collateral steadily displacing crypto as backing for leveraged trades.<\/p>\n Coinbase Brings Hyperliquid Perps To Base as Price Hits Two-Month High<\/p>\n Coinbase (@coinbase<\/a>) has added Hyperliquid (@HyperliquidX<\/a>) perpetual futures trading to its Base App. Eligible users can now access more than 290 perpetual markets through the app.<\/p>\n The available markets\u2026 pic.twitter.com\/cZKbbTRxxI<\/a><\/p>\nThe Shift Away From Crypto Margin<\/h2>\n