Bitcoin bears pay to bet on further declines as futures positions near yearly lows

Bitcoin derivatives data show traders are paying a premium to position for further declines, while open interest in futures has fallen toward yearly lows. The combination suggests bearish sentiment and reduced leverage, though it may also reflect broader caution and deleveraging rather than conviction in a sustained selloff. For Bitcoin, persistent downside hedging could pressure prices in the near term, but historically low positioning may limit forced selling and increase the potential for a sharp rebound if sentiment improves.