- Data in the spotlight: Bitcoin, Ethereum, and XRP face difficulties amid weak retail interest:

The Bitcoin derivatives market has not recovered since the crash on October 10, as evidenced by the average open interest of futures contracts (OI), which reached $60 billion on Friday, down from $65 billion on November 21 and $71 billion on November 1, and the record high of $94 billion, which was reached on October 7.

The OI indicator tracks the nominal value of open futures contracts, where a steady increase would support positive expectations for Bitcoin and investor confidence. However, if the OI indicator continues to decline in the coming weeks, it will be difficult to support recovery, making Bitcoin susceptible to volatility.

Open Bitcoin futures contract chart.

The interest of individuals in Ethereum derivatives shows a similar picture to Bitcoin, as futures approached $36 billion as of Friday. It has become more difficult to maintain the recovery since the OI index began correcting from its all-time high of $70 billion, which it reached in late August. With Ethereum remaining above the short-term support level of $3,000, interest in smart contract tokens must steadily rise to support its recovery towards $4,000.

Open Ethereum Futures Contracts Chart.

The XRP derivatives market also declined, with the open interest (OI) of futures contracts reaching $4 billion on Friday, which is more than half lower than $8.36 billion on October 10 and $10.94 billion, which recorded an all-time high on July 22.

XRP Open Futures Contracts Chart