Bitcoin Falls 2.60% to $77,655 Amid Rising Derivatives Open Interest

Bitcoin (BTC) has fallen 2.60% over the past seven days to $77,655, but digital asset derivatives open interest increased by 12.07% during the same period. Altcoin gains were concentrated in specific assets, and Bitcoin spot ETFs recorded net outflows. CoinMarketCap (CMC) analyzed Bitcoin prices and market indicators on April 14.

Total digital asset market capitalization decreased by 2.73% over the same period, while derivatives open interest rose to $45.429 billion (approximately 618 trillion won). CMC interpreted this as a position repositioning ahead of major events rather than market exit. As of April 9, Bitcoin's open interest stood at the 82nd percentile over the past 90 days, while funding rates remained at the 29th percentile.

On April 11, 92% of Bitcoin liquidated positions were longs. CMC viewed this as a result of some leveraged buy positions being unwound rather than broad market selling. Open interest for derivatives increased again on April 14, with funding rates at the 41st percentile and Bitcoin liquidation metrics at the 28th percentile over the past 90 days.

Alice Liu, CMC Research Chief, said traders are not exiting the market ahead of Federal Reserve (Fed) and Senate voting but increasing leverage. "The current situation means position building rather than overcrowding," she stated. Altcoin markets saw limited broad gains; CMC's Altcoin Season Index dropped from 46 on April 9 to 38 on April 11, then rose slightly to 39 by April 14. Bitcoin dominance stood at 58.84% as of April 14.

Zcash (ZEC) rose 48% over seven days to $1,241 as of April 9, with prices at $1,118 and a weekly gain of 15.2% on April 11. Lisk (LSK) surged 308% within 24 hours, with trading volume reaching 141% of market capitalization. EMBER rose 134%, ALL increased 74%, and ZCAT climbed 51%. CMC classified this as concentrated trading in select assets rather than broad altcoin strength, with Liu noting "the actual situation is a very narrow speculative wave."

Bitcoin spot ETFs recorded net outflows of $288.1 million over five days, including $234.2 million from ARKB. IBIT saw $64.9 million in net inflows. Total Bitcoin ETF assets rose to $100.8 billion (approximately 13.7 trillion won) from $99.58 billion a week earlier. Ethereum (ETH) ETF assets increased from $14.23 billion to $14.67 billion.

Bitcoin and Nasdaq's short-term correlation coefficient rose to 0.78-0.81 during the week, with CMC noting that digital asset movements are increasingly influenced by U.S. monetary policy and stock market trends rather than unique factors. Earlier reports indicated Bitcoin had fallen to $77,870 amid expanding long liquidations, but this analysis showed open interest rising despite price weakness, concentrated altcoin trading in high-turnover assets, and growing influence of U.S. monetary policy and regulatory schedules.