The open interest in Bitcoin futures contracts has been continuously shrinking since October, with the latest data showing a decline of 31%, currently stabilizing around approximately $65 billion. According to on-chain data tracking agencies, this adjustment reflects a clear deleveraging process in the market. Meanwhile, the notional value of options contracts on Deribit with a strike price of $100,000 has reached $2.2 billion, indicating that the market still maintains strong interest at this key level.

It is worth noting that spot Bitcoin has performed relatively well this year, with a cumulative increase of nearly 10%. The decline in open interest actually reduces the risk of forced liquidations, and this deleveraging process often sets the stage for a subsequent rebound. Traders should closely observe the interaction between open interest and price, as this often prefigures changes in bullish and bearish forces in the market.