Core Insights - Bitcoin (BTC) experienced a significant correction, dropping 35% to $81,000 before recovering to $87,000, leading to increased focus on the options market as positioning becomes more defensive [1] Options Market Overview - A total of 153,778 BTC options are set to expire, with 92,692 BTC in call open interest and 61,086 BTC in put open interest, representing a combined notional value of approximately $13.3 billion and a put-call ratio of 0.66, indicating that calls still outnumber puts but downside protection has increased [2] - The max pain price is at $102,000, which is 17% above the current spot price, showing the distance BTC has drifted from the level where option sellers would face the least total loss [3] - Currently, $3.4 billion of contracts are in the money, accounting for about 26% of total exposure, while $10 billion remains out of the money, roughly 74%, indicating that traders are heavily positioned for movements outside the current range [3] Market Sentiment and Positioning - Open interest is most concentrated at the $80,000 strike, which is the largest bearish cluster, while calls are stacked at higher strikes, particularly above $120,000, but these are far from being exercised due to the spot price being significantly lower [4] - Market sentiment remains fragile and deeply in fear, with large out-of-the-money positions dominating, suggesting that BTC could remain volatile as market makers adjust hedging flows around key strike levels [4]

Core Insights - Bitcoin (BTC) is approaching a critical price level of $87,000, which poses risks to large bearish positions and may trigger a "short squeeze" if breached [1][2] - The current market indicators suggest a potential local bottom, with negative funding rates and reduced open interest indicating a shift in market dynamics [3][4] Group 1: Market Dynamics - Large bearish bets initiated on Binance during recent market downturns are at risk of liquidation around the $87,000 mark, which could lead to forced closures of these positions and create bullish momentum [2] - The concentration of high-density liquidation leverage in the BTC/USDT pair on Binance is primarily above $87,000, indicating significant volatility potential if this level is surpassed [2][3] Group 2: Funding Rates and Market Structure - The global average funding rate is currently at -0.006%, indicating that short positions are paying long positions, reflecting a bearish bias in the market [4] - Historically, negative funding rates have coincided with seller exhaustion and local market bottoms, suggesting a potential reversal in price trends [5] - Open interest in Bitcoin has decreased from approximately 752,000 BTC to about 683,000 BTC, indicating a cleaner market structure with less leverage at risk, which may support price recovery [6]

🚨ALERT: Bitcoin open interest just saw its sharpest 30-day drop since 2022, signaling a major market reset that often precedes bottom formation. https://t.co/G2JjILqG0P ...

Overview - The report identifies the top 10 perpetual DEXes (Decentralized Exchanges) based on Open Interest (OI) [1] Market Analysis - The analysis focuses on the perpetual DEXes market, a segment of the cryptocurrency industry [1]

Market Overview - Solana derivatives market reached a new all-time high of $65 billion in monthly trading volume in October [1] - The week of October 6 alone posted $179 billion, the highest ever recorded [1] Platform Performance - Pacifica experienced rapid growth, increasing to over 54% of weekly volume within two months [3] - Jupiter's weekly volume fell to 31%, and Drift Protocol dropped below 14% [3] - Drift leads in open interest with $516 million, followed by Jupiter at $344 million, while Pacifica has around $50 million [3] TVL Trends - Jupiter's TVL decreased from $134 billion to $892 million [4] - AdrenaProtocol is shifting to maintenance mode due to limited funding, with TVL dropping from $121 million to under $46 million [5]

Core Insights - Bitcoin derivatives activity is expected to take two quarters to recover from the significant loss of $19 billion in open interest due to the flash crash on October 10 [1] - The medium-term outlook for Bitcoin derivatives remains constructive, with potential recovery to pre-shock levels by Q1 or Q2 2026 if macro conditions improve [2] - Current Bitcoin open interest in futures, options, and perpetual contracts is approximately $140 billion, down from $220 billion before the crash [3] Market Activity - Derivatives volumes peaked at $748 billion on the day of the crash but have stabilized around $300 billion for the past week [3] - There are significant clusters of bullish call contracts at the $140,000 and $200,000 strike prices, totaling $1.1 billion and $887 million respectively, with a notable $1.1 billion cluster at the $85,000 price indicating bearish sentiment [4] - The reduction in open interest suggests a quieter year-end expiry, which may help stabilize the market compared to previous high-leverage periods [5] Future Outlook - The market is expected to experience lighter positioning and reduced mechanical pressure heading into the year-end expiry, contributing to a healthier derivatives market setup for 2026 [5] - Activity is likely to cluster around key strike levels, with potential for short-term dislocations due to renewed volatility or ETF-related flows [5]

Decentralized Exchange (DEX) Performance - DEX 的衍生品未经过度宣传，未平仓合约超过 5亿5千万美元 [1] - DEX 成为首个接入询价系统 (RFQ) 的去中心化交易所，Jump 和 Wintermute 在该系统上执行大额交易 [1] Investment Opportunities - 比特币收益金库运行基差交易，收益率高达 20%，但随着大量用户涌入，预计将压缩至 5% [1] Token Status - 该项目尚未发行代币 [1] Strategic Positioning - 建议在市场关注之前进行布局 [1]

JUST IN: Total Bitcoin open interest hits an all-time high $94 BILLION 📈Most popular bet right now: $140,000 call option on Deribit 🤔 https://t.co/97hehFdPjx ...

Top 10 Perp DEXes by OI / 24h Volume*Only includes top 10 protocols sorted in descending order by 24h volume https://t.co/tEoWfue70R ...

Ethereum open interest has reset to levels seen before the previous insane rally 👇Another pump incoming ? https://t.co/X01vvfutMp ...