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Knox BTC
Bitcoin is down ~12% since January.
Coin-denominated open interest? Flat.
June low near $58.5k. August tag of $80k.
The actual $BTC sitting in perps barely moved.
USD OI just tracks price because of the unit effect.
2026 was not a growing pile of Bitcoin in futures.
Spot did the heavy lifting.
Seeing more flow in spot or in perps right now ?
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