Bitcoin Open Interest Drops $4.5 Billion Over the Weekend

Bitcoin Open Interest Declines Significantly

Bitcoin's open interest fell by $4.5 billion over the weekend, dropping from $65 billion to $61.5 billion. This decline followed significant liquidations amid a Bitcoin price drop from above $100,000 to as low as $92,000.

Over $2 billion was wiped out from the Bitcoin market in 24 hours.
$1.88 billion in long positions were liquidated, indicating bearish control.
The downturn coincided with U.S. tariff announcements affecting trade relations with Mexico and Canada, and potential tariffs from China.
Market participants may remain cautious due to economic uncertainty, hindering short-term recovery of open interest.

Potential for Recovery

Despite the current bearish sentiment, some analysts highlight positive indicators:

65.75% of Binance traders with open futures positions on Bitcoin are betting on price increases.
Analyst Titan of Crypto suggests the Bitcoin price is establishing a range between $104,400 and $93,600, with a long-term upward trend expected.
Finance expert Robert Kiyosaki views the situation as a buying opportunity before potential rallies.

Bitcoin is currently trading around $94,000, reflecting a decline of over 6% in the last 24 hours.

Bitcoin Chart