Derivatives Cool Off as Bitcoin Price Pushes Higher

[bonk]

Despite Bitcoin’s recent price recovery, derivatives data suggests the market hasn’t fully flipped into bull mode yet. According to CoinGlass, total Bitcoin open interest now sits near $65 billion, down from more than $90 billion in early October. This aligns with broader deleveraging trends seen across futures markets.

Options data does show optimism building, with the largest concentration of open interest clustered around the $100,000 strike price. Still, analysts caution that derivatives positioning remains reactive rather than conviction-driven. For now, Bitcoin’s strength appears to be coming from cleaner market structure — not the kind of leverage-heavy enthusiasm that typically defines the early stages of a full bull market.

[chainsniff]

price going up without leverage mania feels… weirdly healthy