Bitcoin open interest remains elevated as crypto market dips slightly

"Price flat, with OI up $1.5 billion. High-risk situation," Decentrader founder @filbfilb posted on X.com. The Decentrader founder also warned, "Can't remember such a situation in a long time. Survive." According to another X post by Byzantine General (@ByzGeneral), "open interest is rising quickly again, almost back to the previous level where we got a sudden nuke." 

Bitcoin open interest (OI) has increased above $1.5 billion, yet the price is trading down, leading one crypto founder to warn a sudden price correction could be imminent. Image: X/@filbfilb, Coinalyze.

Bitcoin moved lower in early trading on Tuesday. The world's largest digital asset by market cap decreased by around 3.2% in the past day and was changing hands for $67,18 at 5:44 a.m. ET., according to The Block's Price Pages.

The top five memecoins by market cap in the CoinGecko memecoin category account for around 77% of the total memecoin market cap of over $59 billion. All of the top five memecoins decreased in value in the past 24 hours. The most notable drop was for floki, which fell 8% in the past day.

Other top five memecoins such as dogecoin, pepe, shiba inu and dogwifhat decreased by 2.7%, 3.6%, 3.3% and 4%, respectively.

GameStop-inspired memecoins fall further

Roaring Kitty-themed tokens experienced double-digit losses in the same period, coinciding with the decline in GameStop shares. The video game retailer's shares fell for the second consecutive session on Monday, dropping over 49%, after a 40% drop on Friday.

GameStop's stock ended Monday trading at $24.83, a 62% decline from its two-year high of $61 reached last Thursday. Meanwhile, the Solana-based memecoin GME — which has no official affiliation with the company — slid 20%. Related tokens, such as KITTY and ROAR, fell 26% and 27%, respectively, over the past day, according to data from CoinGecko.

Last week, "Roaring Kitty," also known as Keith Gill, disclosed a $580 million position in GME equity and options, initially boosting the stock's price and positioning him for potential billion-dollar exposure. However, these gains were wiped out after GameStop announced plans to sell up to 75 million shares just days after raising $933 million by selling 45 million shares.