Bitcoin may still have “more room to fall” as open interest has continued to rise amid recent price action, according to crypto analysis platform CoinGlass.

In an August 16th X post, CoinGlass highlighted that the total open interest (OI) for Bitcoin futures, representing the number of contracts that have yet to be settled, reached $29 billion and has been rising throughout the week.

This uptick in OI contrasts with the 5% decline observed from Bitcoin’s spot price over the past two days, a situation the platform described as “a bit unusual,” as the OI has not yet adjusted to reflect the price drop.