Bitcoin (BTC) total open interest (OI) is showing a sharp decline as the whale price falls to $44,000.
Bitcoin’s total OI fell 10.4% from $8.1 billion to $7.2 billion over the past 24 hours, according to data provided by market intelligence platform Santiment.
After surpassing $44,000 on December 6, the price of 1BTC has fallen 0.6% over the past 24 hours and currently sits at $41,950.
The asset currently has a market capitalization of $822 billion and a daily trading volume of $32.1 billion.
As the asset’s OI fell, BitMEX whales dumped Bitcoin around $44,000 between December 6 and 7, according to data provided by CryptoQuant. The recent decline in BTC’s total OI came mostly from Binance and OKX as the price fell below the $42,000 mark. CryptoQuant.
Bitcoin’s recent decline may be short-lived and investors should not panic, according to one analyst. According to CryptosRU, one of the main price drivers of the past week could be the upcoming high-profile central bank meeting.
On December 11, the overall cryptocurrency market cap saw a slight correction as calls to “buy the dip” grew on social media.