The crypto market experienced high volatility as Bitcoin approached the psychological target of 100K. A sharp increase in Open Interest, driven by leveraged positions, reached a record high. However, this rapid growth was not sustainable, causing a market correction and a 9% drop in Bitcoin price, resulting in the liquidation of leveraged positions.

Following the liquidation, the 7-day percentage change in Open Interest dropped sharply, approaching the low. While this could make the market healthier, another liquidation event is likely to occur before Bitcoin tests the 100K resistance. Monitoring this metric is important to understand global investor behavior and determine market positioning.