Risk is coming off fast in Bitcoin’s derivatives market. Total open interest has dropped to $44 billion from a peak above $94 billion in October 2025, a 55% decline and the steepest drawdown since April 2023, CoinGlass data shows. Rising open interest typically signals fresh capital flowing into derivatives markets and increasing trader conviction. Declines, by contrast, suggest traders are cutting leverage and stepping back from speculative bets. Experts attribute the risk-off mood to a number of catalyst ...