Bitcoin gained 24.95% in August, its strongest month since November 2024, as reported by Investing.com.
Against that advance, perpetual open interest measured in BTC declined 8.5%. DefiLlama Research puts the move at roughly 341,000 BTC before the breakout and around 312,000 BTC later in August.
The figures show that the sharp price advance was not accompanied by a larger base of Bitcoin-denominated leveraged positions.
Data Snapshot
| Metric | Current | Previous | Change | Period | As of | Source |
|---|---|---|---|---|---|---|
| Bitcoin August performance | 24.95% | — | — | August 2026 | 2026-08-31 | Investing.com |
| Bitcoin-denominated futures open interest | approximately 587,600 BTC | 645,800 BTC | — | As of August 25 versus August 14, 2026 | 2026-08-25 | KuCoin Flash |
| Perpetual open interest before breakout versus later level | around 312,000 BTC | roughly 341,000 BTC | 8.5% decline | August 2026 | 2026-09-01 | DefiLlama Research |
| Perpetual open interest in dollar terms | nearly $26 billion | about $21.9 billion | — | Before breakout to August 24, 2026 | 2026-08-24 | DefiLlama Research |
| Market-wide futures open interest in coin terms | roughly 708,000 BTC | roughly 737,000 BTC | 3.9% contraction | August 13 to August 25, 2026 | 2026-08-25 | Oracle of BTC |
Perpetual open interest fell during Bitcoin’s August advance
Open interest tracks outstanding derivatives contracts. BTC-denominated open interest fell while Bitcoin rose during August, indicating that existing positions were being closed rather than traders adding fresh exposure in Bitcoin terms; the lower coin-denominated perpetual reading shows that the advance was not accompanied by expanding perpetual exposure measured in BTC. DefiLlama characterized August’s rally as bought rather than primarily leverage-driven.
BTC Open Interest - August 2026; TradingView chart showing BTC/USD and aggregated open interest. — Source: DefiLlama Research
Dollar open interest rose as BTC exposure declined
Because dollar open interest reflects both the BTC represented by outstanding contracts and Bitcoin’s price, it can differ from BTC-denominated open interest, which measures the underlying coin exposure; the two figures should not be read as contradictory.
Perpetual open interest in dollar terms rose from about $21.9 billion before the breakout to nearly $26 billion before August 24. With Bitcoin’s price higher, the same or a smaller amount of BTC-denominated exposure can carry a larger dollar value. DefiLlama reported precisely that divergence: open interest rose in dollar terms while falling in Bitcoin terms.
Futures reached a five-month low
BTC-denominated futures open interest stood at approximately 587,600 BTC as of August 25, down from 645,800 BTC on August 14 and at a five-month low, according to KuCoin Flash. Market-wide futures open interest in coin terms fell from roughly 737,000 BTC on August 13 to roughly 708,000 BTC on August 25, a 3.9% contraction, while price rose 24.3% over the same period, according to Oracle of BTC. Investing.com said the five-month low in Bitcoin-denominated futures open interest indicated that short liquidations and position closures supplied buying rather than fresh long capital.
