On Saturday, May 17, Bitcoin's price remained sluggish, trading between $92,000 and $95,000. This reflects indecision in the cryptocurrency market. Doubt is growing about Bitcoin reclaiming its all-time high of $108,786.
However, blockchain analytics firm Alphractal reported on X that Bitcoin's open interest (OI) data shows patterns coinciding with past price movements. The firm's analysis suggests significant price volatility in the coming weeks. The open interest metric measures the total money flowing into BTC derivatives.
Alphractal highlighted that the 30-day Open Interest Delta recently matched levels seen during Bitcoin's rise to $73,737 in 2024. This indicates a potential cyclical behavioral change in the BTC market. A negative 180-day OI Delta is typically associated with a market bottom or accumulation trend.
The 180-day Open Interest Delta sits just above negative territory, suggesting increased Bitcoin price volatility. Crossing below zero could signal a new consolidation phase. As of this writing, BTC is priced at around $103,367, a 0.4% decrease in the last 24 hours.
Alphractal noted that Open Interest has not grown proportionally as it did from October 2023 to early 2024, and again from October 2024 into early 2025. These yearly patterns may suggest a fractal behavior in investor risk appetite.
This article is based on our author's analysis of materials taken from the following resources: X platform, Alphractal.