Prices across the crypto market have crashed with the latest Bitcoin price drop below $100,000, and other key metrics have followed suit. One important metric that has suffered a notable decline is crypto market open interest. Total open interest fell sharply back in September and the decline has been the trend ever since. As a result, the crypto market’s open interest has now fallen to levels not seen in five months.
Crypto open rate dumps below $140 billion
Data from Coinglass website shows that open interest in the crypto market has declined significantly after reaching an all-time high in early October. The peak of $233 billion was recorded on October 7, which coincided with the Bitcoin price also peaking above $126,000. However, the momentum has not been sustained since then, and as the Bitcoin price has dropped crypto open interest have suffered.
Earlier this week, open interest fell below $140 billion for the first time in five months, marking a crash of more than 40% in the space of a month. The market saw the first major decline after the infamous crypto market crash in a matter of hours. By October 12th, just 5 days after the record was set, open interest had crashed by more than 25% to reach $150 billion.
The current decline is a testament to the reduced participation from investors across the market, who crypto traders have adopted a more conservative stance during the month of November. Not only has the crypto opening been severely affected, but the daily trading volume has also been affected.
Just like the open interest crypto daily trading volume has registered a double-digit crash, from nearly $400 billion in early October to less than $260 billion at the time of this report. This represents a crash of around 35%, showing remarkable similarities to the open interest.
What Happened to Bitcoin Last Time?
While the rapid decline in open crypto interest may be a cause for concern, it is interesting to note what happened to Bitcoin last time this measure was so low. Looking back to June 2025, when the crypto opening was last below $140 billion, that was essentially the bottom before the price rose again.
A bounce after the bottom in June saw Bitcoin price rise from around $100,000 to $126,000 over the next few months, representing a 26% increase. If this trend continues and the bottom is marked with an open interest in the crypto market below $140 billion, the Bitcoin price could gear up for another rally.
Featured image from Dall.E, chart from TradingView.com
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