{"id":175254,"date":"2025-11-24T17:00:00","date_gmt":"2025-11-24T17:00:00","guid":{"rendered":"https:\/\/cryptonews.com\/fr\/?p=175254"},"modified":"2025-11-24T16:00:33","modified_gmt":"2025-11-24T16:00:33","slug":"bitcoin-open-interest-purge-retour-bulls","status":"publish","type":"post","link":"https:\/\/cryptonews.com\/fr\/news\/bitcoin-open-interest-purge-retour-bulls\/","title":{"rendered":"Bitcoin en purge : la chute de l\u2019open interest pr\u00e9pare-t-elle un retour des bulls ?"},"content":{"rendered":"<p>Depuis plusieurs semaines maintenant, il tourne au ralenti avec un prix en d\u00e9crochage. Les liquidations se sont multipli\u00e9es et l\u2019humeur g\u00e9n\u00e9rale s\u2019est nettement assombrie. Pourtant, cet indicateur conte une histoire \u00e0 l\u2019oppos\u00e9 du narratif paniqu\u00e9. L\u2019open interest s\u2019effondre \u00e0 une vitesse rarement observ\u00e9e dans ce cycle. Pour certains analystes, c\u2019est une purge qui a des chances de marquer le <strong>d\u00e9but d\u2019un retournement haussier<\/strong>.<\/p><h2 class=\"wp-block-heading\">Une chute brutale de l\u2019open interest<\/h2><span class=\"replacer\"><\/span><p>Selon les donn\u00e9es publi\u00e9es par l\u2019analyste Darkfost, l\u2019open interest exprim\u00e9 en Bitcoin a v\u00e9cu son plus fort repli sur 30 jours depuis le d\u00e9but du cycle, soit pr\u00e8s de <strong>1,3 million de BTC<\/strong> retir\u00e9s des march\u00e9s d\u00e9riv\u00e9s.<\/p><p>C\u2019est colossal. En effet, la derni\u00e8re purge de cette ampleur, date de 2022. Au vu du cours actuel du BTC, cette contraction repr\u00e9sente environ <strong>114 milliards $<\/strong> qui ne sont plus expos\u00e9s au levier.<\/p><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/3\/2025\/11\/24160844\/image-114-1-1024x576.jpg\" alt=\"\" class=\"wp-image-175272\" srcset=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/3\/2025\/11\/24160844\/image-114-1-1024x576.jpg 1024w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/3\/2025\/11\/24160844\/image-114-1-300x169.jpg 300w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/3\/2025\/11\/24160844\/image-114-1-768x432.jpg 768w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/3\/2025\/11\/24160844\/image-114-1-450x253.jpg 450w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/3\/2025\/11\/24160844\/image-114-1.jpg 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"><\/figure><\/div><p>C\u2019est une <strong>chute de plus de 30 %<\/strong> depuis le dernier ATH qui a d\u00e9clench\u00e9 une s\u00e9rie de liquidations forc\u00e9es. Les positions trop optimistes ont \u00e9t\u00e9 balay\u00e9es les unes apr\u00e8s les autres. Face \u00e0 la saign\u00e9e, beaucoup n\u2019ont eu d\u2019autre choix que de r\u00e9duire leur exposition au niveau des contrats \u00e0 terme.<\/p><h2 class=\"wp-block-heading\">Une purge qui pourrait cr\u00e9er un \u201csol solide\u201d<\/h2><span class=\"replacer\"><\/span><p>Pour <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/69237946e69e12693d3aac1b-BTC-Open-Interest-sees-the-sharpest-30-Day-drop-of-the-cycle\" target=\"_blank\" rel=\"noreferrer noopener\">Darkfost<\/a>, ce type de nettoyage n\u2019a rien d\u2019alarmant. Au contraire. Historiquement, ces phases de nettoyage sont essentielles. Elles posent les bases d\u2019un <strong>plancher durable<\/strong> et pr\u00e9parent la reprise, explique-t-il. Le raisonnement est simple :<\/p><ul class=\"wp-block-list\">\n<li>Recul du levier excessif \u2192 moins de vuln\u00e9rabilit\u00e9 aux liquidations,<\/li>\n\n\n\n<li>Sp\u00e9culation en baisse \u2192 un march\u00e9 plus stable,<\/li>\n\n\n\n<li>Base assainie \u2192 un environnement propice \u00e0 une reprise haussi\u00e8re.<\/li>\n<\/ul><p>En d\u2019autres termes, la purge \u00e9limine les exc\u00e8s, r\u00e9\u00e9quilibre les forces et ouvre la voie \u00e0 un <strong>cycle plus sain<\/strong>. Ce type de sc\u00e9nario s\u2019est d\u00e9j\u00e0 vu. Lorsque l\u2019open interest s\u2019\u00e9tait effondr\u00e9 en 2022, la baisse avait laiss\u00e9 place \u00e0 un rebond progressif, port\u00e9 par un march\u00e9 d\u00e9barrass\u00e9 des positions les plus fragiles.<\/p><h2 class=\"wp-block-heading\">Le prix d\u00e9croche, mais les acheteurs restent pr\u00e9sents<\/h2><span class=\"replacer\"><\/span><p>Le Bitcoin a <a href=\"https:\/\/cryptonews.com\/fr\/news\/bitcoin-au-plus-bas-6-mois-position-des-pros-crainte-ia\/\">perdu plus de 20 % en un mois<\/a>. Mais cette baisse ne refl\u00e8te pas un march\u00e9 d\u00e9sert\u00e9. Bien au contraire. On observe un comportement assez clair :<\/p><ul class=\"wp-block-list\">\n<li>Les liquidations provoquent les chutes,<\/li>\n\n\n\n<li><strong>Les creux attirent<\/strong> rapidement des acheteurs,<\/li>\n\n\n\n<li>Le prix tient des zones techniques malgr\u00e9 une ambiance tr\u00e8s n\u00e9gative.<\/li>\n<\/ul><p>Le sentiment g\u00e9n\u00e9ral du march\u00e9 est en berne. L\u2019indice Fear &#038; Greed indique une zone de <strong>peur extr\u00eame<\/strong> depuis plusieurs jours. Pourtant, la pression vendeuse <strong>ne suffit pas<\/strong> \u00e0 enfoncer de nouveaux plus bas.<\/p><h2 class=\"wp-block-heading\">Un seuil critique que les bulls surveillent<\/h2><span class=\"replacer\"><\/span><p>Pour Micha\u00ebl van de Poppe, fondateur de MN Fund, cette semaine qui d\u00e9bute pourrait jouer un r\u00f4le d\u00e9cisif. Il estime que si Bitcoin parvient \u00e0 remonter dans la zone <strong>90 000 \u2013 96 000 dollars<\/strong>, la dynamique haussi\u00e8re pourrait se r\u00e9activer assez vite.<\/p><p>Selon lui, le march\u00e9 n\u2019est pas en train de s\u2019effondrer. Il traverse une phase de <strong>panique \u00e9motionnelle<\/strong>, ce qui arrive r\u00e9guli\u00e8rement lors des grandes purges. \u201cLa peur est maximale. Et c\u2019est justement dans ces moments-l\u00e0 que les meilleures opportunit\u00e9s apparaissent\u201d. En somme, la purge est certes inqui\u00e9tante sur le court terme, mais sur le fond la dynamique reste constructive.<\/p><h2 class=\"wp-block-heading\">Pourquoi cette contraction de l\u2019open interest compte autant<\/h2><span class=\"replacer\"><\/span><p><strong>L\u2019open interest<\/strong> raconte l\u2019\u00e9tat d\u2019esprit des traders d\u00e9riv\u00e9s. Quand il augmente trop vite, le march\u00e9 devient fragile : une \u00e9tincelle suffit pour d\u00e9clencher une avalanche de liquidations. Lorsque l\u2019inverse se produit comme aujourd\u2019hui, la volatilit\u00e9 peut se calmer et la structure du march\u00e9 se renforcer. Cette baisse de l\u2019open interest signifie que :<\/p><ul class=\"wp-block-list\">\n<li>Le march\u00e9 arr\u00eate de surr\u00e9agir,<\/li>\n\n\n\n<li>Les positions excessives disparaissent,<\/li>\n\n\n\n<li>Les traders deviennent plus prudents,<\/li>\n\n\n\n<li>Et les mouvements de prix retrouvent un comportement \u201cnaturel\u201d.<\/li>\n<\/ul><p>Sur un actif aussi sp\u00e9culatif que Bitcoin, ce type d\u2019ajustement est souvent un <strong>pr\u00e9curseur de retournement<\/strong>, m\u00eame si le timing exact reste impossible \u00e0 pr\u00e9dire.<\/p><hr class=\"wp-block-separator has-alpha-channel-opacity\"><p>Source : <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/69237946e69e12693d3aac1b-BTC-Open-Interest-sees-the-sharpest-30-Day-drop-of-the-cycle\" target=\"_blank\" rel=\"noreferrer noopener\">CryptoQuant<\/a><\/p><hr class=\"wp-block-separator has-alpha-channel-opacity\"><p>Pour aller plus loin sur le sujet : <\/p><ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/cryptonews.com\/fr\/news\/crypto-altcoins-alternative-chute-bitcoin\/\">3 altcoins \u00e0 surveiller si le bitcoin casse un support majeur<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/cryptonews.com\/fr\/news\/pourquoi-le-bitcoin-passe-a-nouveau-sous-100-000\/\">Pourquoi le Bitcoin passe \u00e0 nouveau sous 100 000<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/cryptonews.com\/fr\/news\/xrp-open-interest-effondre-63-pourcent-octobre-resilience-exceptionnelle\/\">XRP Open Interest : moins 63 % en octobre et pourtant<\/a><\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>Depuis plusieurs semaines maintenant, il tourne au ralenti avec un prix en d\u00e9crochage. Les liquidations se sont multipli\u00e9es et l\u2019humeur g\u00e9n\u00e9rale s\u2019est nettement assombrie. Pourtant, cet indicateur conte une histoire \u00e0 l\u2019oppos\u00e9 du narratif paniqu\u00e9. L\u2019open interest s\u2019effondre \u00e0 une vitesse rarement observ\u00e9e dans ce cycle. Pour certains analystes, c\u2019est une purge qui a des [&hellip;]<\/p>\n","protected":false},"author":663,"featured_media":175268,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6,1],"tags":[],"editors":[2554],"sponsored_companies":[],"class_list":["post-175254","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","category-news","editors-ronan-gaillard"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bitcoin : la chute de l\u2019open interest pr\u00e9pare un rebond<\/title>\n<meta name=\"description\" content=\"Bitcoin purge ses positions \u00e0 effet de levier. 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