Recently observed that the number of Bitcoin open contracts (measured in BTC) has fallen to the lowest level in nearly a year, close to the levels of May 2024, and may continue to decline. This indicates a cautious market sentiment, with significant divergence among investors regarding the future trajectory of BTC.

The decline in open contracts typically reflects a lack of clear direction in the market. Whether bullish or bearish, if the market forms a consensus expectation, open contracts usually increase as investors leverage their bets in a certain direction. However, the current situation shows that investors have reduced leveraged operations, possibly due to uncertainties in macroeconomic data and the gradual digestion of short-term positive factors for BTC, such as the impact of Bitcoin's strategic reserves.

In this market sentiment, waiting and observing has become the choice for most investors. For well-capitalized investors, buying BTC on dips may be a strategy worth considering, but caution in risk management is necessary. In the short term, the market may still be in a volatile phase, and patiently waiting for clearer signals may be a more prudent choice. $BTC