Bitcoin’s ongoing bearish price action is beginning to influence the direction of several key on-chain metrics as the pullback persists. With a robust downward trend in BTC’s price, the Open Interest (OI) has now shifted toward a negative zone, reflecting the intensity of the current volatile phase.

A Great Bitcoin Unwind As Open Interest Sinks Sharply

After a prolonged period of downside Bitcoin price performance, its Open Interest has officially followed suit, experiencing a significant drop not seen in years. Darkfost, a market expert and CryptoQuant author, reported the notable drop, which implies that BTC derivatives traders are facing a crucial moment.

In the quick-take post, the market expert highlighted that the drop in BTC open interest marks the sharpest 30-day

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