The total open interest in Bitcoin derivatives has dropped to its lowest level since late 2022, according to CryptoQuant analyst Arab Chain.
Bitcoin Open Interest Declines to Its Lowest Levels Since 2022
— CryptoQuant.com (@cryptoquant_com) January 9, 2026
“Historically, reaching similar levels since 2022 has preceded periods of consolidation or even bullish reversals, particularly if price action begins to stabilize.” – By @ArabxChain pic.twitter.com/sSM4kWEQFJ
“The current dynamics clearly reflect a decrease in risk appetite and a significant outflow of liquidity from futures markets on major exchanges,” the expert commented.
The largest decline was observed on Binance, with approximately 1.53 million BTC. This was followed by Bybit (-784,000 BTC), Gate (-505,000 BTC), and OKX (-395,000 BTC).
Similar reductions were noted on Deribit, Bitfinex, and HTX Global, confirming that this trend is market-wide rather than localized. Arab Chain interpreted this as a phase of "deleveraging"—a large-scale liquidation of leveraged positions.
This conclusion is supported by Bitcoin's price dropping to $90,150 after an unsuccessful attempt to hold above $94,000.
“Historically, reaching similar levels since 2022 has preceded periods of consolidation or even bullish reversals, especially if price action begins to stabilize,” the analyst added.
At the time of writing, Bitcoin is trading around $90,700, having increased by 0.1% over the past day.
According to Glassnode, the following key levels were highlighted:
- Base cost for short-term holders: $98,900;
- Average price for active investors: $87,700;
- True average market value: $81,000;
- Realized price: $56,000.
Options
According to Greeks.live, options worth $2.4 billion expired on January 9—7% of the total open interest.
January 9 Options Expiration Data
— Greeks.live (@GreeksLive) January 9, 2026
21,000 BTC options expired with a Put-Call Ratio of 1.07, maximum pain point at $90,000, and notional value of $1.9 billion.
126,000 ETH options expired with a Put-Call Ratio of 0.88, maximum pain point at $3,100, and notional value of $390… pic.twitter.com/BIjcLitJh4
The put-call ratio for Bitcoin was 1.07 with a maximum pain point at $90,000, while for Ethereum it was 0.88 with a point at $3,100. Bearish sentiment prevails in the Bitcoin market.
The implied volatility for the leading cryptocurrency has stabilized around 40%, while for the top altcoin it has decreased to 55%. Experts noted a general weakening of the downward trend.
Greeks.live also noted a high proportion of block trades—70%. This indicates significant cash reserves being accumulated by market makers and active traders.
“Their main strategic positions are currently focused on monthly call options for Bitcoin and monthly put options for Ethereum, reflecting a differentiated approach to expectations for the two leading assets,” the specialists commented.
It is worth noting that analysts at JPMorgan have suggested the possibility of an end to the sell-off in the crypto market. They believe current factors indicate a potential bottom rather than the beginning of a new downward phase.