Jannat Ara

Bitcoin’s Open Interest Declines Amidst a Drop Below $42,000

Recent data from the market intelligence platform Santiment indicates a 10.4% decrease in Bitcoin’s total Open Interest (OI) within the last 24 hours, sliding from $8.1 billion to $7.2 billion.

Bitcoin, after reaching above $44,000 on December 6th, has dipped by 0.6% in the past day, settling at $41,950.

With a current market cap of $822 billion and a daily trading volume of $32.1 billion, Bitcoin’s fluctuation in OI aligns with observations by CryptoQuant, indicating that BitMEX whales offloaded Bitcoin around the $44,000 mark between December 6th and 7th. Notably, the recent decline in BTC’s total OI stems primarily from Binance and OKX as the price dipped below $42,000, according to CryptoQuant.

Amid this, some analysts view Bitcoin’s recent slump as potentially short-term, advising investors against panicking. CryptosRUs highlighted a notable factor influencing recent price movements: the imminent gathering of high-profile central banks.

On December 11th, a slight correction in the total crypto market capitalization was observed, prompting calls across social media platforms to “buy the dip.”

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