Total open interest on Bitcoin futures hit $29 billion on Aug. 16 despite a decline in Bitcoin’s price.
Bitcoin may still have “more room to fall” as open interest (OI) has continued to rise amid recent price action, according to crypto analysis platform CoinGlass.
In a post on X on Aug. 16, CoinGlass noted that it was “a bit unusual” that open interest has not reacted to Bitcoin (BTC) prices.
The platform reported that total OI on Bitcoin futures reached $29 billion on Aug. 16 and has been rising all week, while spot BTC prices have declined 5% over the past couple of days.
