Bitcoin futures open interest has fallen to its lowest level since August 2025, with total contracts across all exchanges amounting to 695,600 BTC, valued at approximately $44.22 billion, according to Coinglass data. This marks a significant decline of about 53% from the peak of $94.12 billion recorded in October 2025. The decrease in leveraged funding indicates a cooling in market participation and speculative activity within the derivatives market.