The crypto market has lost its sparkle lately, with bitcoin futures trading volume drying up as the flagship cryptocurrency struggles to stay afloat. Bitcoin futures open interest, which measures the buzz around upcoming contracts, has dropped to a 5-month low of $11.3 billion, according to data from Glassnode. This suggests traders are closing out positions and reducing exposure to volatile crypto assets. Bitcoin’s Struggles Below $26K: Is The Crypto Craze Losing Steam? The disinterest comes as bitcoin prices dropped below $26,000 for the first time since August, dampening spirits across the crypto sphere. “It seems the market is running out of steam,” said Lee Reiners, professor of cryptocurrency law at Duke University. “Investors are realizing these assets don’t just go up forever.” Related Reading: Crypto Analyst’s September Warning: Bitcoin Faces A Red Month Analysts said that the drop in open interest appears related to the expiration of monthly and quarterly futures contracts, which drained trading activity and liquidity. But the decline also signals fading confidence in Bitcoin’s upside potential amid mounting regulatory scrutiny, environmental backl ..
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