So the interpretation of this decline in the market is understandable and simple:

Open interest reached its peak at $23.9 billion, reflecting significant activity in open contracts, and indicates a rise in interest in Bitcoin trading in that period.

As the price fell, open interest fell to $21.8 billion, indicating that some traders are leaving their positions with losses and damages, either to avoid risk further or due to a change in their vision.

And all this is because of the whales, which sold out until they strike open benefits and the fish come out of their positions at a loss, and even more so change their market view and the fluctuation of general feelings to negative, so that they ultimately benefit.