ChainCatcher reports that Santiment has noted that the open interest, measured in BTC, has declined from 321,497 BTC on September 3 to 278,151 BTC on September 11, a reduction of 43,346 BTC, or 13.5%. During the same period, BTC prices fell by approximately 5%, indicating that the decline in open interest was not driven by the price drop. Santiment added that current open interest is about 20% lower than levels seen before the August mid-month rally. Open interest stopped declining on September 11 and has slightly rebounded over the past two trading days, suggesting that market risk-reduction activities primarily occurred ahead of key events this week, rather than during their occurrence.
Bitcoin open interest has dropped 13.5% since September 3, suggesting the market may have preemptively deleveraged.
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Summary
Bitcoin open interest dropped 13.5% between September 3 and September 11, falling from 321,497 to 278,151 BTC, according to Santiment. The decline coincided with a 5% drop in BTC prices over the same period. Open interest remains approximately 20% below pre-August rally levels. The decline paused on September 11, followed by a slight rebound over the next two days, suggesting risk reduction occurred ahead of key interest rate events.
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