Bitcoin Futures Hit 8-Month Low: Is the BTC Price Headed to $85K?

Bitcoin's aggregate futures open interest dropped to $42 billion, an eight-month low, following a rejection near $89,000 that liquidated over $260 million in leveraged positions. While this drop, coupled with $825 million in spot Bitcoin ETF outflows, suggests waning momentum, it primarily indicates a leverage flush rather than sustained bearish sentiment. Crucially, the Bitcoin monthly futures basis rate remained stable at 5%, moving away from the sub-4% levels seen when BTC traded below $85,000. Furthermore, the 30-day options delta skew suggests stabilizing sentiment. Although a retest of the $85,000 support level is possible, healthy options metrics and the basis rate suggest bulls are gradually regaining confidence, despite near-term failure to break $90,000.

(Source：Cointelegraph)