Bitcoin’s price struggles to hold above $72,000 as futures open interest falls to $34 billion, its lowest since November 2024. Data shows weak demand for bullish leverage and a bearish skew in options markets, contrasting with strength in gold and stocks. Analysts point to concerns over U.S. job market data as a potential factor behind the cryptocurrency’s decoupling from traditional markets.
Bitcoin faces uncertainty as its price fails to sustain momentum above $72,000. Aggregate Bitcoin futures open interest has plummeted to $34 billion, a 28% monthly drop marking the lowest level since November 2024.
Measured in Bitcoin terms, however, the open interest remains flat, suggesting underlying leverage demand is unchanged. This decline is partially attributed to forced liquidations totaling $5.2 billion over two weeks.
Investor frustration grows as Bitcoin has declined 28% in a month while gold reclaimed $5,000 and the S&P 500 trades near its all-time high. Some analysts link this risk-aversion to emerging signs of U.S. labor market weakness.
The U.S. Labor Department reported the economy added only 181,000 jobs in 2025, a figure weaker than previously reported. The White House has downplayed these concerns, arguing that a slowdown in population growth has reduced the number of working positions needed.
Bitcoin’s annualized futures funding rate has remained below the neutral 12% threshold for four months, indicating persistent fear. Furthermore, the BTC options delta skew surged to 22%, showing put options trade at a significant premium.
This skew reflects a bearish shift, as it last turned bullish in May 2025 after Bitcoin reclaimed $93,000. These derivative metrics highlight a lack of confidence despite robust institutional activity elsewhere.
The average daily trading volume for U.S.-listed Bitcoin ETFs remains high at $5.4 billion, contradicting speculation of fading institutional demand. Bitcoin’s potential recovery may depend on improved visibility into U.S. job market conditions.
