Data: Bitcoin's current open interest has dropped 13.5% since September 3, suggesting the market may have already deleveraged in advance.

September 14th, Santiment stated that the open interest denominated in BTC has decreased from 321,497 BTC on September 3rd to 278,151 BTC on September 11th, a reduction of 43,346 BTC, marking a 13.5% decline. During the same period, the BTC price fell by approximately 5%, so the drop in open interest was not caused by the decline in coin price.

In response, Santiment said that the current market open interest is about 20% lower than the level before the mid-August rise. The open interest stopped declining on September 11th and has slightly rebounded over the following two trading days, indicating that the market's de-risking operations mainly occurred before the announcement of important events this week, rather than during the events themselves.