#Kaspa open interest has fallen back to the lows of summer 2024, but prices have already dropped by approximately 80%. The difference lies in market participation. In 2024, similar open interest levels were accompanied by strong spot demand and rising prices. Today, low open interest reflects reduced leverage, diminished speculative interest, and a decline in overall risk appetite. This situation typically occurs at the end of a bear market/early accumulation phase. Leverage has been liquidated, speculative activity is limited, the market is calmer, and trading is thinner. Both bullish and bearish directional convictions are weak, leveraged positions are reduced, and sensitivity to forced liquidation is decreased. In short: prices have fallen sharply, but leverage has not yet recovered. This suggests market apathy rather than overactivity, and any sustained movement will likely require a recovery in spot demand rather than being driven by derivatives trading. #kas