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Knox BTC
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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