The total open interest variance over 30 days has been accelerating

The changes in 2023 have been relatively mild

The launch of the US spot ETF in January 2024 has begun to exacerbate these fluctuations

The intensification of open interest volatility signifies a broader market transformation, shifting from a market structure primarily driven by spot activities to one dominated by derivatives

This transition increases the risk of chain clearing

And leads to a more unstable market environment

More reflexive