According to CoinGlass, Bitcoin may face further declines as open interest in Bitcoin futures continues to rise despite recent price drops. On August 16, CoinGlass reported that open interest hit $29 billion while Bitcoin's spot price fell by 5% over the previous two days. The rise in open interest, which indicates increased leverage in the market, suggests that price movements could be amplified. CoinGlass also noted negative funding rates, which point to a shift towards more short positions. Additionally, the expiration of around 24,000 BTC options contracts worth $1.4 billion might have limited impact on spot prices, which recently fell 3% to just above $58,000. Source: Coinglass & Cointelegraph
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