Bitcoin (BTC) total open interest (OI) sees sharp decline as whales dump at $44,000.
According to data provided by the market intelligence platform Santiment, Bitcoin’s total OI declined by 10.4% in the past 24 hours — dropping from $8.1 billion to $7.2 billion.
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.
BTC price and open interest – Dec. 12 | Source: Santiment
The asset’s market cap currently stands at $822 billion with a daily trading volume of $32.1 billion.
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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.
BITMEX Whales and their strategy"Bitmex whales closed all their positions at 44k. Binance and OKX's Open Interest plunges with the price drop."by @BQYouTube Live Chart👇https://t.co/Jd8QEDnedK pic.twitter.com/WynDGoGVNV
— CryptoQuant.com (@cryptoquant_com) December 12, 2023
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.
Read more: El Salvador approves launch of Bitcoin volcano bonds for Q1 2024
