Bitcoin Open Interest Crashes By $4.5 Billion Over The Weekend, Spells Doom For BTC Bulls

Coinglass data shows that Bitcoin's open interest crashed by $4.5 billion over the weekend, dropping from $65 billion to $61.5 billion.

Bitcoin’s open interest crashed by $4.5 billion over the weekend following the BTC price crash that saw over $2 billion being liquidated from the market. This occurrence paints a bearish outlook for the flagship crypto and spells doom for BTC bulls. However, some crypto analysts have provided some optimism with their analysis, hinting at a bullish reversal soon enough.

Bitcoin’s Open Interest Crashes By $4.5 Billion Over The Weekend

According to data from Coinglass, Bitcoin’s open interest crashed by $4.5 billion over the weekend. This drop in open interest occurred as a result of the liquidations that took place due to the BTC price crash over the weekend.

Further data from Coinglass shows that over $2 billion has been wiped out from the Bitcoin market in the last 24 hours. This liquidation came as a result of the BTC price crashing from above $100,000 to as low as $92,000 over the weekend.

Bitcoin dropped by 10% over the weekend following an announcement by US President Donald Trump that a 25% tariff will be imposed on imports from Mexico and Canada, while a 10% tariff will be imposed on goods from China.

Both Mexico and Canada have retaliated by announcing tariffs on goods from the US, and China has also hinted at imposing a tariff on US goods in response to this move by the Trump administration.

This development is expected to keep market participants on the sidelines as economic uncertainty could lead to further volatility in the cryptocurrency market. As a result, Bitcoin’s open interest is unlikely to recover in the short term.

This occurrence spells doom for Bitcoin bulls as the flagship crypto could drop lower if there are no buyers to defend BTC at these levels. However, some crypto analysts remain optimistic about BTC’s outlook.

Some Positive For Bitcoin Amid Open Interest Crash

In an X post, crypto analyst Ali Martinez revealed that 65.75% of Binance traders with open Bitcoin futures positions are betting on the upside.

This is bullish for the BTC price as these traders have a track record of being right most of the time. As such, the flagship crypto could rebound from its current price level.

In an X post, crypto analyst Titan of Crypto stated that the broader trend for the Bitcoin price is still upward. This came as he revealed that BTC is establishing a new range between $104,400 and $93,600.

The crypto analyst went on to note that the short-term direction remains unclear until this range breaks. However, in the long term, Titan of Crypto is confident that the broader trend is still upward.

Meanwhile, renowned author and finance expert Robert Kiyosaki suggested that this wasn’t a time to panic as this was an opportunity to buy Bitcoin on sale before it rallies further to the upside.

At the time of writing, the Bitcoin price is trading at around $94,000, down over 6% in the last 24 hours, according to data from CoinMarketCap.