Падение открытого интереса по биткоину может предвещать грядущий разворот рынка Translation: Decline in Bitcoin Open Interest May Signal Upcoming Market Turnaround

The overall open interest in derivatives tied to digital gold has dropped to its lowest level since late 2022, as noted by CryptoQuant analyst known as Arab Chain.

Bitcoin’s open interest has reached its lowest point since 2022.

“Historically, similar levels have often preceded periods of consolidation or bullish reversals, especially if price movements start to stabilize,” stated analyst @ArabxChain.

«The current trend clearly reflects a declining risk appetite and significant liquidity outflow from the futures markets on major exchanges,» commented the expert.

The most considerable decline was observed on Binance, totaling approximately 1.53 million BTC. It was followed by Bybit (-784,000 BTC), Gate (-505,000 BTC), and OKX (-395,000 BTC).

A similar contraction has been noted on Deribit, Bitfinex, and HTX Global, confirming the trend is overall market-wide rather than localized. Arab Chain interpreted this as a phase of «deleveraging»—a widespread liquidation of leveraged positions.

This conclusion is corroborated by Bitcoin’s price dropping to $90,150 after an unsuccessful attempt to maintain levels above $94,000.

“Historically, reaching similar levels since 2022 has been a precursor to times of consolidation or even bullish reversals, particularly when price actions begin to stabilize,” the analyst added.

At the time of writing, digital gold is trading around $90,700, having risen by 0.1% in the past 24 hours.

Glassnode specialists highlighted the following key levels:

According to Greeks.live, options worth $2.4 billion expired on January 9—accounting for 7% of the total open interest.

The put-to-call ratio for Bitcoin stands at 1.07, with a maximal pain point at $90,000, while for Ethereum it is at 0.88, with a threshold of $3,100. Bearish sentiments dominate the digital gold market.

The implied volatility for the leading cryptocurrency has stabilized around 40%, whereas it has fallen to 55% for the top altcoin. Experts have noted a general weakening of the downward trend.

Greeks.live also observed a high percentage of block trades—70%. This indicates a significant accumulation of cash reserves by market makers and active traders.

«Their primary strategic positions are currently focused on monthly call options for Bitcoin and monthly put options for Ethereum, reflecting a differentiated approach towards expectations for these two leading assets,» experts commented.

It’s worth noting that JPMorgan analysts have suggested the potential end of the sell-off in the crypto market. According to them, current factors point to a possible bottom being reached rather than the onset of a new phase of decline.