Data: The current Bitcoin holdings have decreased by 13.5% compared to September 3rd, and the market may have already begun to deleverage

Santiment posted that the open interest in BTC has decreased from 321,497 contracts on September 3 to 278,151 contracts on September 11, a reduction of 43,346 contracts, representing a decline of 13.5%. During the same period, the price of BTC dropped by about 5%, so the decrease in open interest was not caused by the drop in coin price.

In this regard, Santiment stated that the current market open interest is about 20% lower than the level before the rise in mid-August. The open interest stopped declining on September 11 and has slightly rebounded for two consecutive trading days, indicating that the market's risk-off operations mainly occurred before the announcement of important events this week, rather than during the events themselves.