According to @CoinMarketCap, Bitcoin (BTC) open interest has fallen 31% since October, indicating market deleveraging and purging excess leverage, citing CryptoQuant as the data source, source: @CoinMarketCap on X Jan 15, 2026; CryptoQuant. CryptoQuant states that such deleveraging historically aligns with significant market bottoms, source: CryptoQuant via @CoinMarketCap on X Jan 15, 2026.

According to glassnode, $OM's Futures Estimated Leverage Ratio (ELR) nearly doubled to 0.4 by 19:30 UTC, coinciding with a price drop to $0.57. This increase in ELR alongside a decline in Open Interest (OI) suggests that spot holdings on exchanges were either withdrawn or reduced. This shift may indicate traders are leveraging futures rather than holding spot positions, a crucial insight for $OM traders looking to understand market dynamics and potential volatility.