Crypto leverage still hasn't recovered, and now it has to share the pie with tokenization
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According to Bloomberg, total crypto long/short positioning still hasn't recovered to where it was a year ago. Meanwhile, RWAs have exploded and now take up over 13% of that pie.
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- Across the 5 major exchanges tracked, open interest totals $67B, down from $81B a year ago.
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- Of that, $9B comes from contracts tied to stocks, commodities, and other traditional assets. A year ago, that number was close to zero.
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- On the crypto side, BTC open interest is down about $8B, ETH is down $5B, and altcoins combined are down $10B.
$BTC $ETH $ZEC
⠀
According to Bloomberg, total crypto long/short positioning still hasn't recovered to where it was a year ago. Meanwhile, RWAs have exploded and now take up over 13% of that pie.
⠀
- Across the 5 major exchanges tracked, open interest totals $67B, down from $81B a year ago.
⠀
- Of that, $9B comes from contracts tied to stocks, commodities, and other traditional assets. A year ago, that number was close to zero.
⠀
- On the crypto side, BTC open interest is down about $8B, ETH is down $5B, and altcoins combined are down $10B.
$BTC $ETH $ZEC