Bitcoin Finds Support Near $90,000 After 17.5% Open Interest Drop

Bitcoin is trading near $90,900, down from its recent all-time high, as the derivatives market undergoes a notable reset in leverage.

Data from CryptoQuant shows that total Bitcoin open interest measured in BTC terms has declined from around 381,000 BTC to 314,000 BTC, a drawdown of roughly 17.5%. The shift points to broad deleveraging rather than an aggressive buildup of short positions.

The contraction in open interest unfolded alongside Bitcoin’s broader correction of roughly 36% from peak levels. By measuring exposure in BTC rather than dollar terms, the data removes price-related distortions and makes it clear that traders actively reduced leverage.

This suggests the market is cooling after an extended period of aggressive futures positioning, rather than entering a phase of forced liquidation.

Binance dominance and early signs of recovery

Despite the pullback, Binance continues to account for about 36% of total Bitcoin open interest, underscoring its outsized influence on derivatives-driven price action. Historically, periods where open interest compresses toward the 300,000 BTC range-such as after the April 2025 correction-have coincided with market resets that later allowed leverage to rebuild in a healthier way.

Recent data now suggests that the sharp phase of deleveraging may be ending. Open interest has stopped declining aggressively and is beginning to stabilize, indicating that traders are cautiously reintroducing exposure at current price levels near $90,000.

From a price-structure standpoint, lower leverage around the $90,000 area reduces the risk of cascading liquidations and improves market resilience. If futures exposure continues to rebuild gradually-supported by spot demand rather than speculative excess-Bitcoin’s current consolidation could provide a more stable base for future upside rather than signaling exhaustion.

Looking for more ideas? Read our full guide to the best meme coins to invest in this year.