$BTC There is about $3B+ in Open Interest which entered above $118K.
This OI increase is always a mixture of longs & shorts but seeing where price is now, there's definitely some longs underwater from that area.
Pretty important area here around the previous consolidation. Anything lower and I suspect we'll see some of that OI get flushed out.
Most of the weakness we're seeing is in anticipation of the BTC Whale selling off some of his coins through OTC & Exchanges. This also explains why the funding rate has ticked up due to the spot selling pressure.
Good to keep an eye on that.

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