Крипторынок на грани перемен: падение открытого интереса на фьючерсах предвещает шансы на бычий разворот Headline: Crypto Market on the Brink of Change: Decline in Futures Open Interest Hints at Potential Bullish Reversal

The total open interest in derivatives linked to digital gold has fallen to its lowest point since the end of 2022, as noted by CryptoQuant analyst Arab Chain.

**Bitcoin Open Interest Hits Lowest Levels Since 2022**

“Historically, similar levels reached since 2022 have often led to periods of consolidation or even bullish reversals, particularly if price actions start to show stability,” said @ArabxChain.

*“The current trend clearly reflects a decrease in risk appetite and a significant liquidity outflow from futures markets across major exchanges,” commented the expert.*

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

A similar reduction was recorded on Deribit, Bitfinex, and HTX Global, indicating a broader market trend rather than a localized one. Arab Chain interprets this as a phase of «deleveraging» — a widespread liquidation of leveraged positions.

This conclusion is supported by Bitcoin’s price drop to $90,150 after a failed attempt to maintain above $94,000.

*“Historically, reaching similar levels since 2022 has preceded periods of consolidation or even bullish reversals, especially if price actions begin to stabilize,” the analyst added.*

At the time of this writing, digital gold is trading around $90,700, reflecting a 0.1% increase over the past 24 hours.

Glassnode 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 Ethereum’s ratio was 0.88, with a pain point at $3,100. Bearish sentiments dominate the digital gold market.

The implied volatility for the leading cryptocurrency has stabilized at around 40%, while for the top altcoin, it has decreased to 55%. Experts noted an overall weakening of the downward trend.

Greeks.live also reported a high proportion of block trades at 70%. This indicates the accumulation of substantial 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 to expectations for the two leading assets,” the specialists commented.*

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