$BTC The futures open interest at the Chicago Mercantile Exchange for the entire year of 2025 is approximately half of its peak.

Since the sell-off on October 10 and the subsequent price movements, the market has closed a large number of leveraged and open contracts denominated in US dollars.

The most important thing now is for spot and ETFs to ultimately find the right balance point, allowing the market to regain its footing. The market is still far from overheating. Therefore, even if we see some relief in the first quarter, there is still significant room for recovery.