Bitcoin drops $3,000 in 2 hours, derivatives liquidation exceeds $25 million

【Blockchain Rhythm】Yesterday morning, Bitcoin experienced a significant correction. In just 2 hours, it dropped from $95,400 to below $92,000, a decline of over $3,000. This drop directly triggered a chain reaction in the derivatives market—one futures platform saw a single liquidation amounting to $25.83 million, with stop-loss orders being triggered one after another.

However, from another perspective, things are not that simple. As of now, the total open interest of Bitcoin contracts across the network has actually increased to 663,900 BTC, up about 14,000 BTC from the previous day. This indicates that even after intense volatility and liquidations, market participants’ bullish enthusiasm has not faded; instead, they continue to add positions at the bottom. This divergence between increasing open interest and falling prices often hints at market participants’ expectations of a subsequent rebound.