Bitcoin’s Total Open Interest Declines as Whales Dump at $44,000
Recent data from the market intelligence platform Santiment reveals that Bitcoin’s total open interest (OI) has experienced a significant drop of 10.4% within the past 24 hours, decreasing from $8.1 billion to $7.2 billion.
After reaching a high of $44,000 on December 6, the price of Bitcoin has slipped by 0.6% in the last day and is currently sitting at $41,950.
The cryptocurrency’s market cap currently stands at $822 billion, with a daily trading volume of $32.1 billion.
BitMEX Whales and CryptoQuant Data
Data provided by CryptoQuant indicates that BitMEX whales were responsible for dumping Bitcoin around the $44,000 mark between December 6 and 7. The decline in Bitcoin’s total open interest primarily stems from Binance and OKX as the price falls below $42,000.
Short-Term Fall and Central Bank Meeting
Analysts suggest that Bitcoin’s recent decline may be temporary, and investors should not panic. It is speculated that one of the main factors influencing prices this week could be an upcoming meeting among high-profile central banks.
On December 11, there was a slight correction in the total cryptocurrency market capitalization as calls to “buy the dip” gained traction on social media.
Hot Take: Is Bitcoin’s Price Stabilizing or Heading for Further Decline?
While Bitcoin’s total open interest has seen a sharp decline and its price has slipped slightly in the past day, it remains to be seen whether this is a short-term fluctuation or a sign of further decline. Investors are advised not to panic and to keep an eye on upcoming events, particularly the meeting of high-profile central banks, which could have an impact on Bitcoin’s price trajectory. As the cryptocurrency market experiences a slight correction, it will be interesting to see if the “buy the dip” sentiment continues to influence market sentiment and activity.
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