Bitcoin rose about 22%, from an average of about $63,500 between Aug. 12 and Aug. 18 to $77,700 on Aug. 23, while open interest measured in BTC fell about 11% to roughly 312,600 BTC from 353,500 BTC. Santiment said the decline, which took open interest to its lowest level in the past month, showed that the rally continued with less leverage rather than becoming an overheated move fueled by expanding futures exposure. Dollar-denominated open interest increased about 8% because Bitcoin’s price gain outpaced the reduction in BTC tied to outstanding contracts, illustrating why dollar figures alone can make leverage appear to be rising. Santiment said positions were liquidated as prices climbed and the advance continued without leverage following Bitcoin to a fresh high.