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- Declining retail demand exposes Bitcoin, Ethereum, and XRP to further losses:
Demand for Bitcoin has remained largely weak since the October 10 crash, with the average open interest in futures contracts at $59.64 billion on Friday, down from $60.13 billion the day before, and $66.17 billion on January 15.
The OI index represents the nominal value of outstanding derivative contracts. CoinGlass data indicates that demand for Bitcoin derivatives pushed the OI index for futures contracts to a record high of $94.12 billion in October. Bitcoin reached an all-time high of $126,199 on October 6, confirming the need to increase retail investor interest and demand.
Open interest in Bitcoin futures | Source: CoinGlass
Ethereum is also experiencing a significant decline in the derivatives market amid ongoing selling pressure. While CoinGlass data shows a slight increase in open futures trading volume to $39.32 billion on Friday, up from $38.57 billion the previous day, it remains well below the record $70.13 billion set in August.
Open interest in Ethereum futures | Source: CoinGlass
Meanwhile, XRP faces declining demand from retail investors, as prevailing pessimism erodes market confidence. After the open futures trading volume rose to $4.55 billion on January 6, it decreased to an average of $3.33 billion on Friday. Continued selling in derivatives would confirm a risk-off sentiment, leaving XRP in the hands of investors betting on a price decline.
Open futures trading volume for XRP | Source: CoinGlass