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Polygon has registered significant gains over the past month as the bullish trend rose with Bitcoin’s ETF anticipations.&nbsp; 
<a href="https://crypto.news/price/polygon/">MATIC</a> increased by 22% over the past 30 days but slipped by 0.3% in the past 24 hours. Polygon is trading at $0.64 with a total market cap of around $5.95 billion at the time of writing. 
The asset’s 24-hour trading volume registered a 38% hike, surpassing the $275 million mark. 
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 <img decoding="async" loading="lazy" width="3840" height="1300" src="https://crypto.news/app/uploads/2023/10/Polygon-on-Ethereum-MATIC-14.31.41-31-Oct-2023.png" alt="Polygon whale activity declines amid high open interest - 16" class="wp-image-14210334">
 <figcaption class="wp-element-caption">
 MATIC price, whale activity, social volume, and Open Interest – Oct. 31 | Source: <a href="https://app.santiment.net/charts/3qa-2DG___sCl" target="_blank" rel="noopener">Santiment</a>
 </figcaption>
</figure> 
According to Santiment, MATIC’s whale activity has constantly declined over the past week. Per the market intelligence platform, whale transactions of at least $100,000 worth of MATIC declined by 86.5% since Oct. 25, falling from 135 daily transactions to only 18 in the past 24 hours. 
 You might also like: <a href="https://crypto.news/thorchain-becomes-top-gainer-as-development-activity-surges/"> THORChain becomes top gainer as development activity surges </a> 
Moreover, the asset’s social activity witnessed a pretty similar movement. Per Santiment, Polygon’s social volume plunged by 63% over the past week, yet the asset stayed in the trend zone on CoinMarketCap.&nbsp; 
On the other hand, Polygon’s total open interest (OI) has been consistently rising over the past two weeks. According to Santiment, MATIC’s total OI rose from around $135 million on Oct. 16 to $170 million at the time of writing.&nbsp; 
The movements suggest that Polygon investors have opened more derivatives contracts while waiting for major moves to cancel their orders. 
On Oct. 19, a Lido Finance community member <a href="https://crypto.news/lido-community-member-suggests-sunsetting-polygon-staking/">p</a>roposed the removal of <a href="https://crypto.news/lido-community-member-suggests-sunsetting-polygon-staking/">Polygon staking</a> on the decentralized finance (defi) platform. The reason for the request was Polygon’s low defi TVL, and called it a “potential risk.” 
Last week, the Polygon team unveiled the new POL token and said the <a href="https://crypto.news/polygon-2-0-token-upgrade-goes-live-on-ethereum-network/">upgrade went live</a> on the Ethereum (<a href="https://crypto.news/price/ethereum/">ETH</a>) network. 
 Read more: <a href="https://crypto.news/bitcoin-trading-volume-reaches-maximum-in-six-months/"> Bitcoin trading volume reaches maximum in six months </a>

Polygon whale activity declines amid high open interest

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