Offshore Bitcoin futures crash 97% as traders abandon traditional risk
Bitcoin derivatives have shifted from dated futures toward perpetuals and options. Glassnode data shows dated futures volume on tracked offshore venues is about 97% below 2021 levels, while options grew to nearly half of crypto-native Bitcoin derivatives open interest and surpassed futures in January 2026. Perpetuals now serve continuous leveraged directional trading; options support hedging, volatility strategies and portfolio protection. The change reflects deeper options liquidity, more institutional Bitcoin ownership and a move toward stable-value collateral. Dated futures remain relevant, particularly through CME for regulated institutional and basis trades, so the decline is concentrated on crypto-native venues rather than across the entire market.
