Bitcoin open interest drops 13.5% since September 3, suggesting market deleveraging

According to Santiment, Bitcoin open interest has fallen from 321,497 BTC on September 3 to 278,151 BTC on September 11, a decrease of 13.5%. As the price of BTC only dropped by approximately 5% during this period, the decline in open interest is not solely attributed to price depreciation. Santiment notes that current market positioning is about 20% lower than levels seen before the mid-August rally. The stabilization of open interest after September 11 suggests that market de-risking occurred primarily before major events this week.