willbouncebtc

‎Checking the Open Interest (OI) for $BTC today, February 5, 2026. It confirms that the current drop is likely a massive Deleveraging Event rather than a fundamental shift to a long-term bear market.
‎​Here is what the data is screaming right now:
‎​1. The "Flushing" of the Market
‎​Over the last 30 days, Bitcoin's Open Interest has collapsed by $55 billion. To put that in perspective:
‎​The High: OI was sitting near $30 billion recently.
‎​The Low: It has plummeted toward $24 billion (and as low as $9.88 billion on some specific derivatives platforms).
‎​What this means: When price drops and Open Interest drops at the same time, it means Long positions are being liquidated or forced to close. The "weak hands" who were gambling with high leverage have been completely wiped out.
‎​2. Confirmation of "Selling Exhaustion"
‎​You noticed the decreasing volume on the Monthly TF. When you combine that with this massive drop in Open Interest, it creates a very specific signal:
‎​Price Down + Volume Down + Open Interest Down = The downtrend is losing power.
‎​If Open Interest was rising while the price was falling, it would mean new "Short" sellers were entering the market to push it lower. But because OI is falling, it tells us that people are simply leaving the market. There are no fresh sellers left to push the price aggressively down to $58k right now, which is by the way the 0.618 Fib on a monthly TF.
‎​3. ​The fact that OI is now at "multi-month lows" means the market is "light." It’s no longer weighed down by billions of dollars in risky leveraged bets.
‎​Because the market is "thin," it won't take much buying pressure to cause a Short Squeeze. If the price touches 0.5 Fib which is the price right now 71k and bounces, those who are still short will be forced to buy back, propelling the price upward very quickly.
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