CryptoQuant Says Bitcoin Hasn't Bottomed Yet - Two Derivatives Metrics Show Why The Pain May Not Be Over
Two key derivatives metrics tracked by CryptoQuant suggest Bitcoin's (BTC) current drawdown is mid-cycle deleveraging rather than a capitulation bottom: CME open interest has fallen 47% from its 2025 peak, and the futures basis curve - which measures demand for leveraged long exposure - remains in a