Bitcoin futures open interest has begun to recover in January following a sharp deleveraging phase in late 2025, signaling a cautious return of risk appetite among derivatives traders — though analysts warn the rebound remains modest. Bitcoin futures OI rebounds after Q4 deleveragingBitcoin futures open interest (OI), a key indicator of derivatives market participation, has risen nearly 13% since the start of 2026, according to data from Coinglass. The recovery follows a steep reduction in leveraged exposure between October and December, when Bitcoin markets underwent one of the largest deleveraging events of the cycle. During that period, Bitcoin futures OI fell from 381,000 BTC to 314,000 BTC, a decline of roughly 17
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