According to Glassnode data, with the large number of open positions in Bitcoin futures last week, it may be one of the reasons why BTC lost the $30,000 support level this week.
Coin Market Cap data shows that Bitcoin has fallen to $29,474 at the time of writing, down more than 2% in the past 24 hours.
There are currently about 375,000 BTC open interest in Bitcoin futures contracts, which is about 25,000 BTC less than last weekend.
Additionally, over $100 million in cryptocurrency was liquidated in the past 24 hours, causing bulls to offset.