Bitcoin futures open interest sinks to $42B as BTC struggles below the $90,000 level

Bitcoin futures open interest on major exchanges dropped to $42 billion, the lowest level in eight months, while BTC again failed to hold above $89,000. Despite roughly $825 million in net outflows from spot Bitcoin ETFs and stronger demand for safe haven assets like gold and silver, futures basis and options skew indicate only limited downside risk for BTC around the $85,000 support area.