$BTC The 30-day % change in open interest is one of the cleanest sentiment indicators in crypto.
• +40% to +60% spikes → local tops. Traders pile in with leverage, get overconfident, and chase moves.
• –15% to –25% drops → local bottoms. That’s fear, deleveraging, and structural reset.
Right now we’re sitting at –15% monthly, a textbook bottoming zone seen repeatedly over the last 2–3 years.
This metric’s message is simple:
Leverage has been flushed.
BTC
88,519.65
-1.64%