Bitcoin’s Big Flop: Traders Flee Like Rats From a Sinking Ship! 🚀🐭

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Ah, mesdames et messieurs! The grand spectacle of Bitcoin
BTC
$90,229

24h volatility:
0.3%
Market cap:
$1.80 T

Vol. 24h:
$43.95 B

has taken a most tragic turn! Open interest has plummeted to levels unseen since the dark days of 2022, when FTX’s collapse turned the crypto market into a farce worthy of Molière himself! The noble asset, once trading at $15,000, now flounders like a lovesick fool at a masked ball.

According to the wise sages at CryptoQuant, our esteemed crypto exchanges-those temples of speculation-have witnessed a most dramatic exodus from futures contracts. Three years, they say! Three years since such disgrace! Binance leads this parade of despair with a loss of 1.53 million BTC, followed by Bybit’s 784,000 BTC, Gate’s 505,000 BTC, and OKX’s 395,000 BTC. Mon dieu!

Fewer traders now cling to their futures contracts than courtiers at Versailles after a scandal. CoinGlass whispers that total BTC open interest sits at a paltry $62 billion-down from its glorious peak of $94 billion on Oct. 7. Quelle horreur!

But fear not, dear audience! This is not new leverage building-oh no! It is deleveraging, the great purge of risky positions! Like a doctor bleeding his patient, the market seeks balance. And yet, the CryptoQuant analyst, ever the optimist, suggests this may not spell doom. “When leverage flees,” he declares, “the market often pauses… or reverses!” Ah, the fickle winds of fortune!

Bitcoin, ever the drama queen, now trades at $90,900, moving sideways like a nobleman avoiding creditors. 🎭

A Reset Most Necessary

January began with such promise! Bitcoin soared past $94,000 like a hero in a comedy-only to stumble into a reset most humiliating. On Jan. 6, it reached $94,700, and technical indicators (MACD, if you please) turned bullish. Santiment, ever the gossip, claims ETF headlines fueled this brief euphoria.

📊 2026 has seen bounces for several cryptocurrencies that the crowd had been showing impatience toward. Our latest insight explores retail sentiment toward the top assets in crypto, and what some of the news headlines have been to drive hype for each. 👇

– Santiment (@santimentfeed) January 9, 2026

Then, Morgan Stanley-ever the opportunist-filed for an Ethereum
ETH
$3,093

24h volatility:
0.5%
Market cap:
$373.48 B

Vol. 24h:
$20.87 B

ETF, sparking a fleeting ETH rally. But alas! Bitcoin’s fall below $90,000 triggered a selloff worthy of a tragic opera-$450 million liquidated in a day! Spot BTC ETFs recorded a net outflow of $1.12 billion over three days. Sacré bleu!

Santiment’s analyst, ever the voice of reason, suggests traders are “de-risking” ahead of US economic data. Jobs reports! Rate cuts! The suspense is unbearable! 🎭

In conclusion, dear spectators, expect neither triumph nor disaster-just more consolidation, or perhaps a mild rebound. But an immediate breakout? Non, non, non! The market, like a bad actor, needs time to rehearse its next act. 🎭💰

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2026-01-09 13:06