🔹 Regarding open interest in BTC

By analyzing the picture of drawdowns from peak values over the last 3 years, we can draw the following conclusions:

1) This is open interest on futures. During the current correction, it has decreased by 17.5% from a recent peak. In the bull market of 2021, this was a standard level of correction (maximum dropped to -21%), after which the trend continued.

2) And this is options. Yesterday saw the largest expiration in history, resulting in OI dropping by as much as 44%. Note that for almost 2 years, the drawdown level of 45% (red line) represented the strongest options support.

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⚠️ Both metrics show a drop from the last ATH, so there is not much sense in looking at the bear market of 2022, as it is logical that open interest in a bear market is always lower than in bull markets, and even an increase in OI during this period will also be considered a drawdown (just a smaller one) from the peaks of the recent bull market.