Bitcoin’s second OI drop since August: Is BTC’s rally losing steam?

The 7-day moving average of the Bitcoin [BTC] Open Interest has fallen below the 365-day OI moving average, even though the leading crypto has been trending higher since August. This OI drop was the second time since the 25th of August. The price action in the first half of September encouraged market participants to enter the derivatives market in greater numbers and pushed the OI higher to signal greater speculative appetite. This bullish, risk-on attitude was quickly muted. By the end of September, the 7DMA was below the 365DMA of the BTC OI once again, similar to the drop in OI in October 2025, when the bull market began its retreat.

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