Analysis: Bitcoin returns to $93,000, but the open interest in BTC and ETH at the CME both decline

The cryptocurrency market is experiencing a much-needed rebound, with Bitcoin's price rising by 6.6% in the last 24 hours to reach $93,000. However, on the Deribit platform, the bearish options for BTC and ETH are still trading at prices higher than the bullish options.

Additionally, the open interest in Bitcoin futures on the Chicago Mercantile Exchange (CME) has dropped to 121,670 contracts, marking the lowest level since February 2024. The open interest in Ethereum futures has also decreased, with the open contracts falling to 1.95 million ETH, the lowest level since September.