Bitcoin’s Derivatives Crash: The Hidden Force Stalling Price Recovery

TLDR: Bitcoin open interest peaked at 381,000 BTC across all exchanges during the October 2025 cycle top. Binance recorded a 20.8% open interest drop between October 6 and 11, with Bybit and Gate.io falling 37%. Post-peak declines have persisted monthly, with Binance down an additional 39.3% since the market top. Shrinking derivatives exposure signals active [...]

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