Total Bitcoin futures open interest has decreased by 28% to $34 billion, reaching its lowest level since November 2024. According to NS3.AI, while the open interest measured in Bitcoin remains stable, the decline is attributed to $5.2 billion in forced liquidations over the past two weeks. This trend reflects a bearish market sentiment, influenced by weak U.S. employment data and Bitcoin options skew. Despite these challenges, U.S. spot Bitcoin ETFs continue to experience strong trading volumes, suggesting ongoing institutional interest.