Bitcoin’s Derivatives Market Stays Quiet Amidst Spot Price Surge

Bitcoin’s derivatives markets are displaying a relatively calm response to the recent price surge above $90,000. One key indicator of market sentiment in these markets is the open interest (OI) in perpetual futures, which reflects the total number of contracts held by traders for long and short positions. Tracking weekly changes in OI provides insights into how speculators reacted to Bitcoin’s moves. 2025 data shows that OI contracted during the recent price drop below $80,000, suggesting that over-leveraged long positions were liquidated. A similar dynamic unfolded during the recent rally above $90,000, as OI contracted again, indicating a short squeeze.