Bitcoin Hits 15-month Low, Yet Derivatives Not Positioned for Crypto Winter

Risk appetite has deteriorated sharply over the last week, with nearly $500B wiped from total crypto market cap since late January.

BTC’s 40% drawdown from the $126K peak accompanied by a fall in perp open interest from ~$5B to ~$3.6B.

The move has triggered the largest level of liquidations across crypto markets since the Oct 10, 2025 crash and sees BTC trade below the average purchase level across all spot ETF holders for the first time since before President Trump’s reelection.