Santiment said on X that Bitcoin’s recent 22% price rise coincided with the unwinding of leveraged positions. Bitcoin-denominated open interest fell from about 353,500 BTC before the move to about 312,600 BTC on Aug. 23, a decline of roughly 11% and the lowest level in at least a month. Over the same period, dollar-denominated open interest rose about 8%, while Bitcoin’s average price climbed from about $63,500 in Aug. 12-18 to about $77,700 on Aug. 23. The figures suggest prices advanced faster than positions were closed, according to the post.
Santiment Says Bitcoin-Denominated Open Interest Falls to a One-Month Low
Odaily Star Daily reported that Santiment said on X that Bitcoin’s recent 22% gain coincided with the unwinding of leveraged positions.
According to the post, Bitcoin-denominated open interest fell from about 353,500 BTC before the price rise to about 312,600 BTC on Aug. 23. That is a drop of roughly 11%, and the lowest level in at least a month.
Between Aug. 12 and Aug. 18, Bitcoin’s average price was about $63,500. By Aug. 23, it had climbed to around $77,700.
Over the same period, dollar-denominated open interest rose about 8%. Santiment said price increases outpaced the pace of position unwinding.
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