FOMC

Taker

Bitcoin

when

Bitcoin Bull

Key takeaways:
<ul>
 <li>Bitcoin futures open interest fell $2 billion in five days, signaling cautious futures traders.</li>
 <li>Binance taker volume averages cycle lows as the market waits for Fed’s interest rate decision.</li>
 <li>The Coinbase premium suggests steady US demand defending $115,000.</li>
</ul>
Bitcoin (<a href="/bitcoin-price" rel="noopener noreferrer">BTC</a>) traders appear to be scaling back exposure ahead of the US Federal Reserve’s policy decision this week, with onchain and derivatives data showing a notable reduction in leverage alongside signs of steady buying demand around the $115,000 mark.
Bitcoin open interest has slipped by $2 billion since last Friday, dropping below $40 billion from $42 billion. The decline comes after Bitcoin briefly peaked near $116,700 on Monday. Alongside this, aggregate futures volume has been negligible, suggesting a lack of aggressive positioning in either direction as futures traders remain cautious.
<figure>
 <img alt="Cryptocurrencies, Federal Reserve, Bitcoin Price, Markets, Cryptocurrency Exchange, Interest Rate, Bitcoin Futures, Binance, Price Analysis, Market Analysis" src="https://s3.cointelegraph.com/uploads/2025-09/019952e9-ab85-781a-ba3a-7cf2c47526dc" title="">
 <figcaption style="text-align: center;">
 Bitcoin aggregated open interest, futures volume, and funding rate data. Source: Coinalyze
 </figcaption>
</figure>
The funding rate, a measure of the cost of holding positions in perpetual futures, is also on a downward trajectory. Notably, the London session on Tuesday saw the sharpest hourly funding spike since Aug. 14, a move that back then coincided with a local top.&nbsp;
According to crypto analyst <a href="https://x.com/JA_Maartun/status/1967891286226301133" rel="noopener noreferrer nofollow" target="_blank">Maartunn</a>, hourly net taker volume on Binance has fallen below $50 million, well below the typical $150 million average. Such subdued activity points to a sidelined market, with participants waiting for clarity from the Fed before fresh capital positions.
<figure>
 <img alt="Cryptocurrencies, Federal Reserve, Bitcoin Price, Markets, Cryptocurrency Exchange, Interest Rate, Bitcoin Futures, Binance, Price Analysis, Market Analysis" src="https://s3.cointelegraph.com/uploads/2025-09/019952ea-c58f-7a99-9411-d323e206a961" title="">
 <figcaption style="text-align: center;">
 Bitcoin Net Taker Volume on Binance. Source: CryptoQuant
 </figcaption>
</figure>
<a href="https://cointelegraph.com/news/bitcoin-resistance-118k-etfs-push-btc-price-higher" rel="noopener noreferrer nofollow" target="https://cointelegraph.com/news/bitcoin-resistance-118k-etfs-push-btc-price-higher">Related:&nbsp;Bitcoin faces resistance at $118K, but ETFs may push BTC price higher</a>
<h3 id="strong-coinbase-premium-signals-strong-demand-at-115-000-strong">Coinbase premium signals strong demand at $115,000</h3>
While derivatives traders step back, spot demand on Coinbase is telling a different story. The <a href="https://cryptoquant.com/asset/btc/chart/market-data/coinbase-premium-index" rel="noopener noreferrer nofollow" target="_blank">Coinbase premium</a>, the price difference between Bitcoin on Coinbase and other exchanges, has been steadily rising since last Tuesday. This trend reflects robust US investor demand, with the current buying cluster the strongest since early August. The flows suggest that buyers are actively defending the $115,000 level.&nbsp;
<figure>
 <img alt="Cryptocurrencies, Federal Reserve, Bitcoin Price, Markets, Cryptocurrency Exchange, Interest Rate, Bitcoin Futures, Binance, Price Analysis, Market Analysis" src="https://s3.cointelegraph.com/uploads/2025-09/019952ed-2762-7254-82e3-0152e3eb7103" title="">
 <figcaption style="text-align: center;">
 Bitcoin Coinbase Premium. Source: CryptoQuant
 </figcaption>
</figure>
Broader sentiment indicators also reflect this balance between caution and quiet confidence. The Bitcoin Bull Score, which <a href="https://x.com/jjcmoreno/status/1967752386551959911" rel="noopener noreferrer nofollow" target="_blank">tracks</a> shifts in market momentum, has rebounded to a “neutral” 50 from a “bearish” reading of 20 over the past four days. This suggests that selling pressure is easing, with the market entering a more balanced phase ahead of the Fed announcement.
Meanwhile, the Bitcoin Risk Index, tracked by analyst Axel Adler Jr., sits at 23%, near cycle lows. The metric gauges the relative danger of sharp pullbacks compared to the past three years.&nbsp;
Adler <a href="https://x.com/AxelAdlerJr/status/1967832811336843697" rel="noopener noreferrer nofollow" target="_blank">notes</a> that low readings correspond to “calmer environments” with a reduced likelihood of rapid liquidations. A similar setup last occurred between September and December 2023, when Bitcoin traded steadily before entering a new uptrend.
<figure>
 <img alt="Cryptocurrencies, Federal Reserve, Bitcoin Price, Markets, Cryptocurrency Exchange, Interest Rate, Bitcoin Futures, Binance, Price Analysis, Market Analysis" src="https://s3.cointelegraph.com/uploads/2025-09/019952eb-66ff-7d30-9eb1-da1f3dd22df9" title="">
 <figcaption style="text-align: center;">
 Bitcoin Risk Index 3Y. Source: Axel Adler Jr/X
 </figcaption>
</figure>
<a href="https://cointelegraph.com/news/bitcoin-at-113k-could-be-the-last-big-discount-this-cycle" rel="noopener noreferrer nofollow" target="https://cointelegraph.com/news/bitcoin-at-113k-could-be-the-last-big-discount-this-cycle">Related:&nbsp;Bitcoin price drop to $113K might be the last big discount before new highs: Here’s why</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin futures traders de-risk for FOMC, but Coinbase premium shows spot demand

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