According to a report by Cointelegraph on the X platform, total open interest in BTC futures has fallen to $34 billion, a 28% drop from 30 days ago, the lowest level since November 2024. However, open interest denominated in BTC has remained stable at 502,450 BTC, indicating that leveraged demand has not changed. The decline is partly attributed to forced liquidations totaling $5.2 billion over the past two weeks. Weak US employment data and BTC options skew suggest a bearish market shift. US Department of Labor data shows that the US economy will add only 181,000 jobs in 2025. The annualized funding rate for BTC futures has been below the neutral level of 12% for the past four months. Deribit's BTC options Delta skew has risen to 22%, indicating a premium for bearish (sell) instruments. Despite the weakness in derivatives metrics, the daily trading volume of US spot Bitcoin ETFs reached $5.4 billion, contradicting speculation of reduced institutional demand.