derivatives

Risk appetite is rapidly draining from the derivatives side of the Bitcoin market.
Total open interest has plunged to roughly $44 billion, down from a peak above $94 billion recorded in October 2025 — a staggering 55% contraction. According to data from CoinGlass, this marks the steepest drawdown in open interest since April 2023.
Open interest typically expands when fresh capital flows into futures and perpetual contracts, signaling rising speculative participation and stronger conviction. A sharp decline, however, often reflects deleveraging, position unwinding, and a broader shift toward risk reduction.
Macro Pressures Fuel Derivatives Retreat
The current wave of caution appears to stem from a combination of macro and structural factors:
A weakening U.S. dollar
Escalating geopolitical tensions
Instability in Japan’s government bond market
Growing concerns about AI-driven disruption to traditional tech business models
These crosscurrents have pressured global risk assets, and crypto derivatives — often the most leveraged segment — are reacting first.
Following a stronger-than-expected U.S. jobs report showing 130,000 new jobs added in January, expectations for near-term rate cuts diminished. That shift triggered renewed institutional selling across risk markets.
Analysts at Bitfinex noted that the selling pressure effectively flushed out much of the remaining long-side optimism in derivatives markets — including from participants who maintain a structurally bullish long-term outlook.
Recent Bounce Driven by Short Covering, Not Fresh Leverage
January’s inflation reading came in at 2.4% year-over-year, down from 2.7% in December. The softer data eased immediate fears of prolonged restrictive policy and sparked a wave of spot buying.
At the same time, many short positions in perpetual futures were forced to close. Bitcoin briefly reclaimed the $70,000 level over the weekend — yet derivatives participation continued to decline.
Open interest kept falling, and funding rates flipped negative — a combination that strongly suggests the rally was fueled primarily by short covering and spot demand rather than aggressive new leveraged longs.
As of the latest data from CoinGecko, Bitcoin is trading near $67,544, down approximately 1.8% on the day and more than 46% below its all-time high of $126,080 set in October.
Long-Term Holders Under Pressure
On-chain analytics from Glassnode indicate that long-term holders are experiencing notable stress following the early-February selloff.
The drop toward $62,800 created pressure conditions comparable to previous deep correction phases. Historically, such stress levels among long-term holders tend to emerge during late-stage bear market environments — making the current shift in sentiment particularly significant.
However, caution does not necessarily mean capitulation.
Aurelie Barthere, Principal Research Analyst at Nansen, suggests that while sentiment is defensive, long-horizon investors who believe regulatory conditions for crypto will gradually improve may view current levels as potential areas for disciplined accumulation through dollar-cost averaging strategies.
What This Means for the Market
The key takeaway is structural:
Leverage is being flushed out.
Speculative appetite is shrinking.
Spot-driven moves are replacing derivatives-fueled momentum.
Historically, major deleveraging events can either precede deeper downside — or lay the groundwork for healthier long-term recoveries.
The question now is:
Is this the final washout before stabilization, or the early stage of a broader risk-off cycle?
What’s your view — accumulation zone or distribution phase?
Follow for more in-depth crypto market breakdowns and data-driven insights.
#CryptoNews #BTC #Derivatives

清算は通常、突然の出来事として説明される。
彼らはそうではない。

彼らは構造的不均衡の最終段階です。

その不均衡を理解するために、価格は最も重要な変数ではない。
ポジショニングは。
1️⃣ エクスポージャーが動きよりも早く成長する場合
最近のBTCとETHの価格拡大の際に、オープンインタレストは着実に増加した。
それだけでは異常ではない。
重要なのは、エクスポージャーと変位の関係です。

資本がコミットされる一方で、実効価格の進展が遅くなる場合、
市場は継続に依存するようになる。

イーサリアムのデリバティブ市場は、巨大なボリュームのショートポジションが検出された後、活気づいています。"クジラ"トレーダーが注目すべき攻撃性でトレンドに対抗しました。
📊 ポジションの詳細:
ショートサイズ: $41,340,000 USD
レバレッジ: 20倍
リスク: エントリーポイントから$ETHの価格が12%上昇すると、ポジションは完全に清算されます。

🧠 これは市場にとって何を意味しますか？
このレバレッジレベルはポジションをボラティリティの磁石にします。イーサリアムの価格の急上昇は、クジラがポジションを閉じるために購入を余儀なくされる強制清算の連鎖を引き起こし、ショートスクイーズで価格をさらに押し上げる可能性があります。