Bitcoin open interest falls 30%, setting up bullish recovery: Analyst

TL;DR:

Bitcoin derivatives open interest fell 30% from October highs as deleveraging purged excess leverage, historically signaling market bottoms and recovery.

Key Points:

Background:

Bitcoin is the first and largest cryptocurrency by market capitalization, often viewed as digital gold and a store of value.

Why It Matters:

This development could influence BTC price action and market sentiment in the near term.