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Definition: Fold vs BTN Open refers to the % of the time the player folds when someone opens the BU. By looking at the stats of the SB and BB and then multiplying them together we can estimate how often our steal should work in average and then whether or not it's likely to be +EV.
From the context, we are on the BU, so "our" steal is the BU stealing.
Why are we only multiplying the stats of the SB and BB? For the steal to be successful, everyone else except us (the BU) should fold. So we should compare our required fold equity to the product of the Fold vs BTM Open of all opponents.