Coinbase Institutional 🛡️ (@CoinbaseInsto): De-risking across the board
Estimated coin impact
Scores are not price-change percentages. High impact means a score of +70 or more, or -70 or less.
De-risking across the board June saw a broad increase in open interest alongside a decline in trading volume. Perp, term futures, and options open interest (OI) all fell month-over-month, while spot, perp, and options volumes all rose. This suggests that risk came off balance sheets amid heavy market activity. BTC and ETH positioning weakened as leverage unwound. Funding rates fell, short-term holder spent output profit ratio (SOPR) pushed deeper into negative territory, and options market positioning indicates a rotation toward downside protection. Bottom line: June looked like a broad de-risking across funding, spot, and options channels. BTC Positioning Indicators (Z-scores)