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 <p class="is-style-lead">Polygon has registered significant gains over the past month as the bullish trend rose with Bitcoin’s ETF anticipations.&nbsp;</p>
 <p>MATIC 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.</p>
 <p>The asset’s 24-hour trading volume registered a 38% hike, surpassing the $275 million mark.</p>
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   <img decoding="async" width="3840" height="1300" src="https://cdn.thebittimes.com/images/2023/10/31/e40f5dd010b3b260ac9727f61fd66214.webp" alt="Polygon whale activity declines amid high open interest - 1"> 
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   MATIC price, <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> <a rel="noopener noreferrer nofollow" title="activity" href="https://thebittimes.com/tag/activity.html">activity</a>, social volume, and Open Interest – Oct. 31 | Source: Santiment
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 <p>According to Santiment, MATIC’s <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> <a rel="noopener noreferrer nofollow" title="activity" href="https://thebittimes.com/tag/activity.html">activity</a> has constantly declined over the past week. Per the market intelligence platform, <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> 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.</p>
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 <p>Moreover, the asset’s social <a rel="noopener noreferrer nofollow" title="activity" href="https://thebittimes.com/tag/activity.html">activity</a> 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;</p>
 <p>On the other hand, Polygon’s total open <a rel="noopener noreferrer nofollow" title="interest" href="https://thebittimes.com/tag/interest.html">interest</a> (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;</p>
 <p>The movements suggest that Polygon investors have opened more derivatives contracts while waiting for major moves to cancel their orders.</p>
 <p>On Oct. 19, a Lido Finance community member proposed the removal of Polygon staking on the decentralized finance (defi) platform. The reason for the request was Polygon’s low defi TVL, and called it a “potential risk.”</p>
 <p>Last week, the Polygon team unveiled the new POL token and said the upgrade went live on the Ethereum (ETH) network.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/polygon-whale-activity-declines-amid-high-open-interest-tbt68504.html">https://thebittimes.com/polygon-whale-activity-declines-amid-high-open-interest-tbt68504.html</a></p>

Polygon whale activity declines amid high open interest

TheBitTimes

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