Data shows that Bitcoin (BTC) Open Interest plummeted during the latest market retrace, but Solana (SOL) and Ethereum (ETH) have been resilient.
Solana & Ethereum Open Interest Has Only Seen A Mild Retrace
According to data from the analytics firm Santiment, Bitcoin has seen its Open Interest plunge after the pullback in its price. The “Open Interest” here refers to a metric that keeps track of the total amount of derivatives positions related to a given asset (in USD) currently open on all exchanges.
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When the value of this metric goes up, investors will be opening new positions in the derivatives market right now. As new positions generally suggest a rise of total leverage in the market, the Open Interest registering this trend can lead
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