According to data provided by the market intelligence platform Santiment, Bitcoin’s total open interest declined by 10.4% in the past 24 hours, dropping from $8.1 billion to $7.2 billion.
Open interest measures the total level of activity into the futures market. For Instance, if both parties to the trade are initiating a new position (one new buyer and one new seller), open interest will increase by one contract.
After surpassing $44,000 on Dec. 6, the price of one BTC has slipped by 0.6% in the past 24 hours and is currently at $41,950.
The asset’s market cap currently stands at $822 billion with a daily trading volume of $32.1 billion.
As the asset’s OI falls, data provided by CryptoQuant shows that BitMEX whales dumped Bitcoin at the $44,000 mark between Dec. 6 – 7.
The recent fall in BTC’s total OI mostly comes from Binance and OKX as the price declines below the $42,000 mark, per CryptoQuant.
According to one analyst, Bitcoin’s recent fall might be short-term and investors should not panic. One of the main price movers of the past week, per CryptosRUs, could be the upcoming meeting of high-profile central banks.
On Dec. 11, the total crypto market capitalization witnessed a slight correction as calls for “buy the dip” rallied on social media.
