Bitcoin Open Interest Drops 13,600 BTC Over 24 Hours
According to on-chain analyst Axel Adler Jr., Bitcoin's open interest (OI) decreased by approximately 13,600 BTC over the past 24 hours. This drop in OI occurred while the BTC price remained largely unchanged.
Given the lack of a significant price decline, the decrease in open interest indicates proactive market deleveraging, which helps reduce the risk of concentrated liquidations of highly leveraged positions triggering a cascade, according to Adler Jr.