Падение открытого интереса по биткоину сигнализирует о возможном развороте на рынке Translation: The Decline in Bitcoin Open Interest Signals a Potential Market Reversal

The total open interest in digital gold derivatives has dropped to its lowest level since the end of 2022, as noted by CryptoQuant analyst under the alias Arab Chain.

Bitcoin Open Interest Falls to Its Lowest Point Since 2022

“Historically, reaching similar levels since 2022 has often preceded periods of consolidation or even bullish reversals, especially if price movements start to stabilize.” – By @ArabxChain pic.twitter.com/sSM4kWEQFJ

“The current trend clearly reflects a reduced risk appetite and a significant outflow of liquidity from futures markets on major exchanges,” commented the expert.

Binance recorded the largest drop, with approximately 1.53 million BTC. It was followed by Bybit (-784,000 BTC), Gate (-505,000 BTC), and OKX (-395,000 BTC).

A similar decline was observed on Deribit, Bitfinex, and HTX Global, confirming that this is a broader market trend rather than a local one. Arab Chain interpreted this as a «deleveraging» phase—a large-scale liquidation of leveraged positions.

This conclusion aligns with the decrease in Bitcoin’s price to $90,150 following a failed attempt to stay above $94,000.

“Historically, reaching similar levels since 2022 has been followed by periods of consolidation or even bullish reversals, especially when price action begins to stabilize,” the analyst added.

At the time of writing, digital gold is trading around $90,700, with a slight 0.1% price increase over the past day.

Glassnode analysts highlighted the following key levels:

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

The put-to-call ratio for Bitcoin stood at 1.07, with the maximum pain point at $90,000, while for Ethereum, it was 0.88 with a level of $3,100. Bearish sentiment prevails in the digital gold market.

The implied volatility of the leading cryptocurrency has stabilized at around ~40%, while that of the top altcoin has fallen to 55%. Experts noted a general weakening of the downward trend.

Greeks.live also pointed out a high proportion of block trades—70%. This indicates that significant cash reserves are being accumulated 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 to expectations for the two leading assets,” the specialists commented.

It is important to note that JPMorgan analysts suggested that the sell-off in the crypto market may be coming to an end. According to them, current factors indicate a potential bottoming out rather than the beginning of a new phase of decline.