The drop in prices occurred at a time when market interest increased.
Although prices have fallen from recent highs, the open interest (OI) volume in the derivatives market has surged, driven almost entirely by one sector. Just in the last 24 hours, OI has increased by $1.52 billion, a new record for the platform.
Typically, an increase in OI synchronizes with rising prices. But this time, OI rose as BTC recovered, suggesting there are aggressive short positions or speculative bets on volatility in the market.
Historically, this trend often indicates an imminent drastic one-sided market.
