Analyst Maartunn notes Bitcoin open interest has plunged 55% from its peak, the sharpest drop since April 2023, reflecting a significant contraction in trading activity and profitability.
Bitcoin’s open interest has fallen 55% from its historical peak, marking the most substantial decline since April 2023, according to analyst Maartunn. This decrease signals reduced market speculation and coincides with profitability dropping to 55%, meaning around 10 million BTC are held at a loss. These profitability levels mirror the lows of the 2022 bear market, indicating weakened sentiment and reduced investor engagement.