[Bitcoin Derivatives Open Interest Drops by $1.25 Billion After U.S. April CPI Data] According to CryptoQuant analyst Amr Taha, following the release of the U.S. April CPI data, which exceeded expectations, the Bitcoin derivatives market experienced risk-off activity. The total open interest across four major exchanges—Binance, ((Gate.io)), Bybit, and OKX—decreased by approximately $1.25 billion. Among them, ((Gate.io)) saw the largest decline, around $578 million; Binance followed with a reduction of approximately $473 million; Bybit and OKX saw decreases of roughly $123 million and $75 million, respectively. The analyst pointed out that the drop in open interest may be attributed to long positions being closed, short positions being covered, or proactive leverage reduction.