Bitcoin Futures Open Interest Plummets 13.55% Amidst Market Downturn

Bitcoin futures open interest across all exchanges dropped by 13.55% in the last 24 hours, prompting traders to adopt a wait-and-see approach. According to Coinglass data, the total open interest of Bitcoin futures contracts across all exchanges is 559,410 BTC (approximately $46.81 billion), with a 24-hour decrease of 13.55%. The significant drop in open interest indicates that Bitcoin traders are adopting a wait-and-see attitude, as the market shows weakened demand, a lack of blockchain activity, and slowed liquidity inflow.

Among the exchanges, CME's Bitcoin futures open interest is 140,850 BTC (approximately $11.78 billion), ranking first; Binance's Bitcoin futures open interest is 107,440 BTC (approximately $8.89 billion), ranking second.

The decrease in open interest comes amidst a broader market downturn, with the US stock market losing $1.5 trillion and the cryptocurrency market losing $300 billion. Traders are likely exercising caution in light of the market conditions and awaiting further developments before making significant trading decisions.

Arthur Hayes, the former CEO of BitMEX, recently stated that Bitcoin could retrace to $70,000, but the bull market cycle is still on. Despite the recent market downturn, some analysts remain optimistic about Bitcoin's long-term prospects.