Bitcoin markets are cooling off as total open interest in BTC futures drops to $34B, down 28% from 30 days ago. This marks the lowest level since November 2024. Over the past 2 weeks, $5.20B in forced liquidations has added pressure.

Yet while Bitcoin faces uncertainty, several major Fan Tokens are posting strong weekly gains. Galatasaray Fan Token ($GAL) is up 21.10% in 7 days, Manchester City Fan ($CITY) has climbed 20.29%, and Paris Saint-Germain Fan Token ($PSG) has gained 10.11% over the same period.

Bitcoin Derivatives Show Signs of Weakness

Recent data shows open interest in Bitcoin (BTC) futures has fallen sharply. However, when measured in Bitcoin terms, open interest stands at 502,450 BTC, suggesting demand for leveraged positions has remained steady.

Economic data has also weighed on the market. The U.S. economy added 181,000 jobs in 2025, according to the Department of Labor. Funding rates for BTC futures have stayed below the neutral 12% level for the past 4 months, showing weaker demand from traders. Options data also points to caution, with Delta skew rising to 22%, signaling stronger demand for downside protection.

Despite these signals, U.S. spot Bitcoin ETFs recorded average daily trading volume of $5.40B, suggesting institutional participation remains active.

Fan Tokens Post Strong Price Action

Several Fan Tokens, $GAL, $CITY and $PSG are gaining momentum amid Bitcoin derivatives meltdown. The Galatasaray Fan Token ($GAL) price rose by 3.89% to $1.48 in the past 24 hours. Also, it reported over 21% in weekly gain with $877,283 in trading volume.

Manchester City Fan Token ($CITY) and PSG Fan Token ($PSG) posted similar gains. While the Manchester City Fan Token ($CITY) surged by 4.42% to $0.6015 in the previous day, the value of the PSG Fan Token jumped to $0.6974, a modest 1.20% upswing in the past 24 hours. Both Fan Tokens also posted 20.29% and 10.11% gains in the last seven days respectively.

Furthermore, the contrasting events between Bitcoin futures open interest and Fan Tokens suggest that different parts of the digital asset space can move in opposite directions at the same time.

Ebo Victor

Fantoken Market Reporter