just concluded the last week of November with a noteworthy dip in Open Interest. While this reflects on the recent slowdown in excitement around the king coin, it may also offer insights regarding demand.draws comparisons between Bitcoin’s Open Interest, appetite for leverage, and liquidations. Notably, the Open Interest peak alongside a euphoric rally meant there were heavy longs.This set Bitcoin up for liquidations that were responsible for the pullback in the last week of November.
This would explain the peak liquidations at the start of last week as price unexpectedly pulled back.The dip in BTC’s Open Interest reflected on its price action. Bitcoin pulled back from its historic high of $99,800 to last week’s low at $90,742. However, it has since recovered to a $96,532 press time price tag.
But despite this, it was clear the momentum was notably weaker compared to the third week of November.