Bitcoin is trading at $89,166 per coin at 12 p.m. EST on Jan. 24, 2026. On the surface the price looks steady, but derivatives markets are sending mixed signals that reveal ongoing position adjustments beneath that headline number.
Current Bitcoin Price and Market Overview
The current price point coexists with a cautious tone across futures and options, where leverage appears to be cooling and traders are selectively taking risk. Open interest, liquidation flows and order‑flow indicators together suggest the market is deleveraging rather than committing to fresh, large directional bets.
Bitcoin Futures Open Interest Trends
Bitcoin futures open interest across all exchanges stands at roughly 656,880 BTC, representing about $58.64 billion in notional value. While open interest ticked up 0.20% over the past hour, it fell 2.89% over the past 24 hours, which points to a short‑term pullback in leverage and broader deleveraging across venues.
Among exchanges, Binance holds the largest share with approximately 135,340 BTC in open interest, while CME follows with about 124,740 BTC, reflecting notable institutional participation. Short‑term venue dynamics were uneven: some exchanges recorded modest increases over a four‑hour window while others declined, indicating traders are repositioning rather than aggressively re‑entering markets; see more on futures open interest for background on market leaders.
Liquidation Data and Market Adjustments
Liquidation statistics show that long positions were disproportionately affected through mid‑January, with several sessions exceeding $300 million in long liquidations and one clearing event topping $500 million. Those flushes accompanied price pullbacks and indicate that over‑leveraged longs bore the brunt of recent volatility.
Short liquidations were smaller but still meaningful, with multiple spikes above $150 million, confirming that downside moves have inflicted larger losses on leveraged long positions than on shorts. Overall, the liquidation pattern supports the view that excess risk is being cleared from futures markets.
Order-Flow and Trader Sentiment
Order‑flow metrics show the bitcoin taker buy‑sell ratio sitting below neutral at approximately 0.96, which signals persistent sell‑side pressure. Although buyers briefly reached parity earlier in the month, recent readings reflect a pullback in aggressive purchasing and a more cautious stance among participants.
Options Market Insights
Total bitcoin options open interest remains elevated, and calls account for roughly 57.7% of outstanding positions, suggesting a call‑skew amid defined‑risk positioning. On a 24‑hour volume basis call dominance increases further, and traders show concentrated interest in longer‑dated calls well above $100,000 alongside defensive puts below $90,000.
Strike and expiry structures keep implied pressure near current levels: max pain on Deribit sits near $90,000 for the nearest expiries, while Binance and OKX show similar gravitational zones around that level. Heavy unilateral bets on high strikes are discussed in related reporting on options $100K bets, which provides additional context for current positioning.
Max Pain Levels and Price Stabilization
Max pain readings clustered near $90,000 across several venues indicate that options positioning could exert stabilizing pressure around the present price. This convergence of max pain levels across Deribit, Binance and OKX reinforces the notion of localized price anchoring driven by options expiries.
Overall Market Sentiment
Taken together, derivatives markets portray a cautious reset rather than outright panic: futures leverage is cooling, liquidations are clearing excess risk, and options traders remain selectively constructive. The market appears to be pricing in continued volatility while reducing aggregated directional exposure, aligning with observations from recent positioning reports in December; see December positioning for a prior snapshot.
Почему это важно
Если вы майните в России с несколькими устройствами, эти деривативные сигналы означают, что большая часть рынка уменьшает плечи и ликвидирует чрезмерные позиции. Это снижает вероятность резких одномоментных входов крупного капитала, но сохраняет риск волатильных откатов, которые могут внезапно изменить доходность майнинга.
Для владельцев ферм это также значит, что краткосрочные движения цены могут быть сильными и непредсказуемыми из‑за расчистки риска, но опционный «якорь» около $90,000 может временно стабилизировать цену вблизи текущих уровней. Планирование расходов и резервов остаётся важным.
Что делать?
- Проверьте запас мощности и расходы: убедитесь, что вы покрываете переменные расходы при падениях цены и имеете резерв на несколько дней простоя.
- Снизьте кредитную нагрузку и маржинальные риски: избегайте дополнительного заимствования под майнинг во время очистки плеч.
- Рассмотрите диверсификацию дохода: при возможности используйте пул с предсказуемыми выплатами или продавайте часть добытого в фиате для покрытия операционных расходов.
- Следите за критическими метриками деривативов: открытый интерес, ликвидации и taker ratio помогут оценивать, когда волатильность может усилиться.
