Weak CPI data has led to a reduction in risk in Bitcoin derivatives. Open interest (OI) on major crypto exchanges has decreased by nearly $1.25 billion, noted CryptoQuant contributor Amr Taha.
According to the analyst, rising inflation has prompted investors to close positions, avoid opening new ones, and reduce leverage.
Declines were observed across several major derivatives trading platforms—Binance, Gate.io, Bybit, and OKX. Taha believes this indicates a broader reduction in short-term risks in the Bitcoin futures market.
“Inflation exceeding expectations can pressure risk assets as it undermines the narrative of a more accommodative monetary policy and pushes traders towards a cautious strategy,” the expert explained.
The analyst clarified that the current drop in OI may reflect a short-term reaction from traders rather than a clear long-term bearish signal:
“When there is a significant drop in open interest across several crypto exchanges following a macroeconomic catalyst, it often indicates a rapid adaptation by traders to new risk conditions.”
State of the Crypto Market
Following the CPI data release, Bitcoin fell from $81,000 to its current price of $79,000—a 2.5% decline.
On May 13, the U.S. also released the Core Producer Price Index (Core PPI). The annual figure, like inflation, exceeded forecasts at 5.2% compared to the expected 4.3%.
In March, the Core PPI was 4%. This latest figure is the highest since 2022.
The index reflects price changes for goods and services, excluding volatile categories like food and energy.
Alongside this negative macro factor, CryptoQuant noted an increase in unrealized profits for Bitcoin traders, with the average margin reaching 17.7%.
Bitcoin traders’ unrealized profit margins hit 17.7%, the highest since June 2025.
— CryptoQuant.com (@cryptoquant_com) May 13, 2026
The last time margins reached these levels while Bitcoin tested the 200-day MA was March 2022, just before the downtrend resumed. pic.twitter.com/Zgfe9jFTiv
“The last time margins reached such levels was in March 2022 when Bitcoin was testing the 200-day moving average just before the downtrend resumed,” analysts warned.
It’s worth noting that MN Trading founder Michaël van de Poppe believes that Bitcoin has no obvious reasons for a decline. He stated that there is a misconception in the market about the formation of a "bear flag" and a move towards $50,000 by the end of the year.