CryptoQuant analyst AXEL has reported a significant shift in the Bitcoin futures market, with net open interest descending into deep negative territory as it crosses the $115,000 threshold. This development signals a notable change in derivatives market positioning dynamics.
The data indicates that active spot market buying is partially mitigating persistent downward pressure. While the negative net open interest typically reflects bearish sentiment, AXEL emphasized that current purchasing behavior is counterbalancing selling forces and easing overall market strain.