#ChartoftheDay Following the recent great turbulence across global asset markets, the total #Bitcoin $BTC futures open interest across cryptocurrency exchanges has quickly fallen since August. According to data, total #BTC☀ futures open interest fell to $26.65 billion on Aug 6th from $36.94 billion on July 31st.

The combined effects of the conflict in the Middle East, the Japan Central Bank raising interest rates, and the latest US payroll data signaling a recession crashed global financial markets on August 5th, including Japanese, Korean, and European stocks, gold and silver, as well as cryptocurrency. This has led to the exiting of many leveraged long positions.

$ETH suffered a drop of over 20%, the steepest drawdown from the FTX incident. The high volatility also triggered on-chain liquidations on a lot of lending and borrowing protocols, driving up Ethereum gas fees and resulting in congestion along the way.

Meanwhile, the declines in #altcoins are more pronounced.

Although wild fluctuations have ceased right now, considering the macroeconomic environment's uncertainties continue, investors should remain vigilant in position management in the next few weeks.