Bitcoin [BTC] derivatives Open Interest (OI) has dropped to a five-month low

Bitcoin [BTC] derivatives Open Interest (OI) has dropped to a five-month low as traders de-risk amid volatility. In less than two weeks, approximately $14 billion in positions have been closed.

随着贸易商在波动率的流动性，比特币[BTC]衍生产品开放兴趣（OI）已下降到五个月的低点。在不到两周的时间里，大约140亿美元的职位已关闭。

At press time, Bitcoin has rebounded 10% from its $78,000 low, indicating supply-side liquidity absorption. A move to $86,729 would shift 591.93K addresses holding 379.52K BTC into profit.

发稿时，比特币从其78,000美元的低点反弹10％，表明供应方流动性的吸收。搬到86,729美元的搬迁将使持有379.52K BTC的591.93K地址转移到利润中。

To reclaim $90K, Bitcoin must absorb incoming liquidity before it transitions into resistance. However, persistent extreme fear and macro uncertainty continue to weigh on risk appetite.

要回收$ 90K，比特币必须吸收传入的流动性，然后才能过渡到阻力。但是，持续的极端恐惧和宏观不确定性继续使风险食欲置。

Only $22K BTC Outflows From Exchanges

Freveranges的BTC仅$ 22K BTC流出

With only 22K BTC outflows from all exchanges at $86,103 - the lowest in a week - retail participation remains muted, while institutional capital stays sidelined.

所有交易所的BTC只有22k BTC流出，价格为86,103美元（这是一周中最低的 - 零售参与度最低，而机构资本则保持不变。

According to AMBCrypto, subdued FOMO signals it’s too early to confirm a strong holding pattern, keeping the possibility of a near-term breakout in question.

根据Ambcrypto的说法，柔和的FOMO信号为时过早，确认强大的持有模式，以保持近期突破的可能性。

Is Bitcoin facing another pullback before the next leg up?

在下一条领导之前，比特币会面对另一个回调吗？

In the near term, $86,669 stands as a critical resistance level, with $51 million in liquidation risk if breached.

在短期内，86,669美元是一个关键的阻力水平，如果违反了5100万美元的清算风险。

A significant cohort of HODLers would move ‘in the money’ near this threshold, while short-term holders (STHs) remain susceptible to profit-taking, making price stability a crucial test.

大量的霍德尔人将在此门槛附近移动“货币”，而短期持有人（STH）仍然容易受到利润的影响，从而使价格稳定性成为至关重要的测试。

Weak spot demand, coupled with continued de-risking in derivatives, leaves Bitcoin exposed to another pullback before a potential move toward $90K.

弱点需求，再加上衍生品的持续降级风险，将比特币暴露于另一个回调，然后潜在朝着9万美元转移。