Bitcoin (BTC) Futures Exposure and Spot Depth Remain Below Pre-Crash Levels

Bitcoin (BTC) perpetual futures open interest and 1% spot order-book depth remained below their pre-crash averages in September 2026, showing that derivatives positioning and visible liquidity had not returned to earlier levels. Liquidations on Oct. 10, 2025, erased roughly $19 billion in leveraged crypto positions. A year later, BTC-denominated perpetual open interest was 16.5% below its pre-crash average. Aggregate BTC 1% order-book depth measured $513 million before the crash and $374 million in September 2026, a 27% decline. The measure tracks orders near the market price that may be available to absorb trading activity. The ratio of perpetual open interest to aggregate BTC 1% spot depth averaged 73.5:1 before the crash. It averaged 58.9:1 in August and September 2026, roughly 20% lower.

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