Bitcoin's open interest (OI) has decreased to $46.3 billion, marking a 3.87% decline over the past 24 hours, according to Coinglass data. The aggregate OI has also compressed to $95 billion, down 7.25%. Funding rates are averaging around 0.0039%, with some negative rates observed, such as Binance's -0.0005%. The market experienced $2.07 billion in liquidations as Bitcoin's price fell 13.65% to $62,800. Market participants are watching for potential stabilization in funding rates and easing of compression, which could strengthen spot prices.